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Obama pushes protections for retirement accounts
Source: CNNMoney
Obama pushes protections for retirement accounts
By Gregory Wallace
The White House says it wants greater protections for retirement investing.
It unveiled broad strokes of a proposal Monday that would hold financial advisers handling individual retirement accounts (IRAs) and 401(k)s to a higher standard than they currently are.
The change means financial advisers would be held to a so-called fiduciary standard. Translation: They would formally have to put the best interests of their clients ahead of their own interests by recommending the best product -- even if that means taking a smaller fee for their services.
The White House acknowledged that many financial advisers already do that, but it wants to extend the standard industrywide.
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CNNMoney (New York) February 23, 2015: 7:55 AM ET
By Gregory Wallace
The White House says it wants greater protections for retirement investing.
It unveiled broad strokes of a proposal Monday that would hold financial advisers handling individual retirement accounts (IRAs) and 401(k)s to a higher standard than they currently are.
The change means financial advisers would be held to a so-called fiduciary standard. Translation: They would formally have to put the best interests of their clients ahead of their own interests by recommending the best product -- even if that means taking a smaller fee for their services.
The White House acknowledged that many financial advisers already do that, but it wants to extend the standard industrywide.
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CNNMoney (New York) February 23, 2015: 7:55 AM ET
Read more: http://money.cnn.com/2015/02/23/retirement/obama-retirement/
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