The majority of financial advisors, registered reps, life insurance agents and others entrusted with the retirement savings of consumers go to work each day confident they’re doing what’s best for their clients. But many of them, whether knowingly or not, are also taking advantage of an outdated regulatory framework that places retirement savers at risk of financial loss.

By directing the Department of Labor to update the 40-year-old rule defining the fiduciary standard for retirement savings under ERISA, the Obama administration has signaled support both for consumers and for the financial professionals who place their clients’ interests above their own. NAPFA looks forward to reviewing and commenting on the updated rule proposal once it’s published for public comment.

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