Here are summaries of three important news stories affecting your money and finances…
1. Investment brokers fight rule to favor best interests of clients
Did you know that brokers are not necessarily required to act in your best interest – even if it’s your retirement savings at stake?
The investment industry – from large Wall Street firms to small independent financial representatives – is spending millions of dollars to fight a rule that would require a broader group of brokers and planners to put their clients’ interests ahead of their own.
The Labor Department said it would release the proposed rule in January, but has already indicated it may miss that deadline. That’s not the first delay on this, though. The rule was originally introduced in 2010 and was rescinded the following year after brokers and lawmakers protested. Wow!