AAJ Welcomes Rule Restricting Conflicts of Interest in Investment Advice
Rule a Win for Retirement SaversApril 06,2016
Washington, DC— The following is a statement from American Association for Justice CEO Linda Lipsen on the Department of Labor’s finalization of a rule addressing conflicts of interest in retirement advice:
“Too many working families have lost their hard-earned retirement savings after relying on a financial advisor who deliberately sold them poor investments more geared toward the advisor’s bottom line than the investor’s financial success. The Department of Labor rightly moved to require that financial advisors give clients advice that is in their best interest, not anyone else’s.
This rule gives reasonable flexibility while creating enforceable standards and improves the tools that consumers and investors hold to ensure that financial advisors are accountable for the advice that they give.”