Reported 4 months ago
The Biden administration has finalized a new Retirement Security Rule aimed at protecting investors from conflicts of interest by requiring financial service providers to act in the best interest of clients. The rule expands the definition of fiduciaries to include those compensated to provide advice to retirement account owners, employers, and plan fiduciaries. While the rule could potentially save Americans money and increase consumer protections, it has faced controversy as some argue it may make accessing retirement advice more difficult. The rule is set to take effect in September 2024, with full implementation expected a year later.
Source: YAHOO