Last month, Open Retirement covered President Obama’s push for tighter rules on brokers who manage the retirement accounts of Americans; the rules would hold brokers to a “fiduciary standard”, legally requiring them to put their clients’ interests above their own.
Under the “fiduciary standard”, brokers would be required to disclose conflicts of interest, and would be obligated to give sound financial advice based on their clients’ age and risk tolerance.
Now, Elizabeth Warren has joined the call. Watch the video above to hear Warren’s arguments on why these rules are needed.
From the video description:
Many retirement advisers recommend investments that work best for the customers they work for. But some recommend investments based on what’s best for them – and what kickbacks they can earn for selling a lousy product. Senator Elizabeth Warren joined President Obama and Labor Secretary Tom Perez to call for more transparency and stronger rules so that the retirement advice you receive is always in your best interest.
Video credit: Senator Elizabeth Warren
Photo by Ninian Reid via Flickr CC License
