Labor Department issues rule to crack down on bad retirement savings advice
April 30, 2024 by Greg Iacurci
The Biden administration issued a final rule on Tuesday that cracks down on the investment advice that advisors, brokers, insurance agents and others give to retirement savers.
The U.S. Department of Labor regulation — which follows a rule proposal in October — aims to ensure that investment recommendations are in savers’ best interests, according to agency officials.
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Wink’s Moore on the Market: TIMELINE FOR COMPLIANCE WITH THE FIDUCIARY RULE-
Starting Sept. 23, the financial industry must acknowledge fiduciary status when working with clients and adhere to “impartial conduct standards.”
Those standards mean financial professionals, when giving personalized investment advice to customers, have an obligation to be prudent, loyal and truthful and charge reasonable fees, for example, Labor officials said.
The remaining parts of the rule start a year later, in September 2025, officials said. -sjm
