FILE - In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass. The Biden Administration announced that the Department of Labor will propose a new rule aimed at making it easier for Americans to save for retirement and avoid junk fees.when traveling or buying concert tickets. But, they could also be impacting your retirement plans.
A new rule would "close loopholes" so that recommendations to purchase any investment product must be in the savers' best interest, President Biden said in a press conference Tuesday. There are already fiduciary or "best interest" rules in place to protect investors, but they don't cover all types of investment producers, including retirement savings transactions that retirement investors may be sold.
"People can choose and should be able to choose what product serves them best if they’re properly educated. And there are some people that just don’t believe that the government needs to regulate everything," Danielle Lucht, financial advisor and owner of Everwell Financial said. "At some point in time, you’re gonna regulate too heavy and it’s going to negatively impact the consumer."to find out about your advisor, where they are licensed and if they've had complaints.
As we enter an election cycle, Lucht said she expects to see some action on this proposal, adding that the Obama Administration did a lot of what Biden wants to achieve.Loading ...
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