_biden-administration-implements-rule-to-ensure-fiduciary-duty-for-financial-advisors-boosting-retirement-accounts-by-up.jpg "Biden Administration Implements Rule to Ensure Fiduciary Duty for Financial Advisors, Boosting Retirement Accounts by up to 20% Over a Lifetime from scream sound effect man Video Screenshot Preview")
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⏲ Duration: 0:39
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✓ Published: 26-Apr-2024
👁 View: 515K times
✓ Published: 26-Apr-2024
Description:
The Biden administration finalized a new rule to ensure financial advisors, brokers, and insurance agents act as fiduciaries and put client interests ahead of their own. Under current rules, advisers can recommend higher-commission investments that may not be best for clients. It takes effect September 23rd and is estimated to impact around 5 million savers and boost retirement accounts by up to 20% over a lifetime. Critics warn it could make professional retirement assistance more expensive and difficult to access. Supporters say it protects investors from conflicts of interest and improper investment recommendations.
The Biden administration finalized a new rule to ensure financial advisors, brokers, and insurance agents act as fiduciaries and put client interests ahead of their own. Under current rules, advisers can recommend higher-commission investments that may not be best for clients. It takes effect September 23rd and is estimated to impact around 5 million savers and boost retirement accounts by up to 20% over a lifetime. Critics warn it could make professional retirement assistance more expensive and difficult to access. Supporters say it protects investors from conflicts of interest and improper investment recommendations.
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