“AARP has heard from thousands of Americans who want to make sure that investment advisers give advice in their clients’ best interest,” said AARP CEO Jo Ann Jenkins. “Though many already give sound advice, we hope to see this conflict of interest loophole closed for all who give investment advice to their clients.”
AARP members and the public may comment on the rule via aarp.org/loophole. AARP and other consumer advocates have been fighting for this consumer regulation for over five years to ensure that Americans of all ages get the best financial advice when planning for their retirement. Recently AARP also found that 9 out of 10 employers who sponsor retirement savings plans support holding advice to such a ”best interest” standard.
“In today’s world, it’s hard enough to save for retirement and achieve your financial goals” said Jenkins at an event with the President, Secretary of Labor and members of Congress earlier this year. “We don’t need to make it more difficult by allowing some on Wall Street to take advantage of hard-working Americans.”
AARP plans to submit comments on the rule. After the comment period, followed by a review of comments by DOL, AARP hopes DOL moves quickly to finalize a rule to protect retirement investors.