AG Stein Urges Department of Labor to Protect Retirement Savings
This week, Attorney General
The investment advice fiduciary rule was set to take effect
"People saving for retirement need good advice, not sales pitches," said AG Stein. "This common sense rule is long overdue. This rule will make the clients' interests - not the advisors' profits - the top priority."
The rule will require advisers to recommend retirement products that are in the customer's best interest, as opposed to products that give advisers the best prize or commission. Retirement advice based on conflicts of interest costs investors
Previously, an agency analysis found that conflicting advice issues were widespread and cause serious harm to investment plan and IRA investors. The analysis found that investment agencies often arrange their compensation ahead of clients' interests.
The letter is signed by attorneys general in the states of
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