Some investment firms and their Republican supporters are trying to protect high fees that hurt their custome

  • 📰 PennLive
  • ⏱ Reading Time:
  • 49 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 53%

@Topstories News

Business,@Sub-Group-C,@Sub-Group-B

The U.S. Department of Labor finalized the Biden-Harris proposed Retirement Security Rule to protect the retirement savings of workers and retirees who rely on professional investment advisors (fiduciaries).

Republicans loudly proclaim that they are the party of the workers and senior citizens. Unfortunately, their actions clearly demonstrate otherwise. Case in point:

On April 23, 2024 the U.S. Department of Labor finalized the Biden-Harris proposed Retirement Security Rule to protect the retirement savings of workers and retirees who rely on professional investment advisors . The updated rule is to take effect on Sept. 23, 2024. This rule requires investment advisors to give “prudent, loyal, honest advisement free of overcharges.” These financial advisors must adhere to high standards when making investment recommendations and must avoid any which favor the advisor’s interests at the expense of the saver. In other words, fiduciaries may not recommend investments that result in their collecting unnecessary or excessive fees.

If you purchase a product or register for an account through a link on our site, we may receive compensation.and agree that your clicks, interactions, and personal information may be collected, recorded, and/or stored by us and social media and other third-party partners in accordance with our

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 463. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines