Retirement brokers should be looking out for clients, not themselves

In the hospital waiting room, we have peace of mind in the knowledge that doctors must recommend what they think is best for us.  If a doctor thinks surgery will leave you worse off than just using crutches, they cannot recommend surgery.  If they do, you can sue them for malpractice.  The law holds every doctor accountable for the advice they give.

However, as things stand right now, we do not have the same kind of security when we save for retirement.  Millions of Americans trust retirement advisers with their money, but loopholes in the law allow some to profit at their expense.  They can recommend plans, for their own financial benefit, that may include hidden fees or risky investments with low returns.  Bad advice costs Americans $17 billion a year in retirement savings.

AARP supports a Department of Labor rule to close these legal loopholes.  We trust doctors with our health.  The law holds them accountable.  We trust retirement advisers with the rest of our lives.  Why don’t the same rules apply to them?