The Obama administration is close to approving a new controversial investment advice rule that will deal with retirement accounts. “The Department of Labor sent the so-called fiduciary rule to the White House’s Office of Management and Budget (OMB) for final approval Thursday.” This new fiduciary rule proposal will be made public once the White House signs off on it. It will raise the investment standards for retirement advisors and require them to act in the best interest of their clients. The new proposed rules would also try to prevent advisers from purchasing expensive investment products that will benefit them more than their clients. Critics of the new proposed rules say it will impose more costs and burdens on investment advisers who will then have to pass the increased costs their services onto consumers.
See Tim Devaney, Retirement advice rule nears White House approval, The Hill, January 29, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
