President Obama gave a full-throated endorsement of the Department of Labor's controversial proposal to impose fiduciary obligations on brokers and advisors working with retirement plans, insisting that new rules are a needed consumer protection to prevent billions in costs due to bad advice.
In remarks at the AARP on Monday, Obama stressed the importance of imposing a cohesive standard mandating that all brokers and advisors working in the retirement space act in their clients' best interests to guard against conflicted advice that could harm investors.
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