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Feb
24

Obama Backs Tougher Rules for Brokers As Fiduciary Rule Re-Proposal Heads to OMB

From: Bloomberg/BNA

By Dave Michaels and Angela Greiling Keane

President Barack Obama threw the weight of the White House behind an effort that would make it harder for brokers to push higher-fee mutual funds or other expensive products on people saving for retirement.

The plan to be issued by the Labor Department would require brokers to act in a customer’s best interest, a change that could limit the earnings of financial advisers in the handling of Americans’ $11 trillion of retirement savings.

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