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Posts tagged "Fiduciary Rule"

New DOL Rule Seeks to Protect Retiree Savings

In the shadow of the Center for American Progress, Secretary of Labor Thomas Perez announced that "putting clients first" would no longer just be a "marketing slogan." He was referring to the game-changing regulations the Department of Labor recently proposed that created new standards that stockbrokers needed only to provide "suitable" recommendations. While that may seem sufficient on its face, critics pointed out that it encouraged advisers' lamentable conduct, such as favoring investments that entitled them to higher commissions. The new rule, which is much stronger than that which preceded it, requires brokers that provide retirement advice to work in their client's best interest.