“Middle class economics means that Americans should be able toretire with dignity after a lifetime of hard work. But loopholes inthe retirement advice rules have allowed some brokers and otheradvisers to recommend products that put their own profits ahead oftheir clients' best interest, hurting millions of America's workersand their families.”

– U.S. Department ofLabor

According to the U.S. Department of Labor, back door payments, hidden fees, badretirement investments with high costs and low returns, and lossesof $17 billion a year to consumers are the justifications for aproposed fiduciary rule. In short, the rule redefines who andwhat meets the definition of a fiduciary, and requires thefiduciary be held to a “best interest” standard as opposed to a“suitability” standard. While that definition has garnered muchsupport, the remainder of the new proposed rule is so long and socomplex that some members of Congress on both sides of the aisleare asking for a complete do-over.

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