DOL Opponents Are Motivated By Self-Interest
The securities industry is all atwitter at the prospect of having to put the interests of retirement plan participants above its own. It’s marshaling its massive resources to fight a rule proposed by the U.S. Department of Labor (DOL) that would require all advisors to be “fiduciaries” to the employees saving for retirement in these plans.
According to a recently published report, President Barack Obama is standing firm in his support of this rule. He stated his goal, which seems modest, as follows: “If they’re advising you on how you should save your money they should be looking out for you, not for somebody who’s selling a product that may not be best for you.”
Read the rest of the article at The Huffington Post.