Investors seeking services from a professional financial advisor will benefit from a free online tool, AARP Interview an Advisor™, launched by AARP and the North American Securities Administrators Association (NASAA).
Millions of Americans depend on 401(k)-style plans for their retirement savings, which often require complex financial decisions. This often means relying on investment professionals for guidance and advice. Most professionals do what's right for their clients, but loopholes in the law allow Wall Street to take advantage of investors by recommending investments that may not be in their best interest. What does this mean? It's perfectly legal to recommend investments that have high fees and low returns but mean higher profits for themselves.
WASHINGTON, DC —AARP along with members of the Save Our Retirement coalition praised the latest major step taken on a proposed rule by the U.S. Department of Labor (DOL) that would update requirements for those who give financial advice to individual retirement plan savers. DOL released the text of the rule and opened a public comment period for Americans to comment on a rule that would help those saving for retirement who lose an estimated 17 billion dollars per year due to bad investment advice.
WASHINGTON, DC – Today President Barack Obama joined AARP CEO Jo Ann Jenkins, and members of the Save Our Retirement coalition to announce that a major step has been taken on a proposed rule by the U.S. Department of Labor (DOL) that would update requirements for those who give financial advice to individual retirement plan savers. Americans saving for retirement currently lose an estimated 6 to 17 billion dollars per year due to bad investment advice. The rule to protect individuals from conflicted retirement advice is being submitted by the DOL to the Office of Management and Budget (OMB) for review.
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