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.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access