President Obama on Monday reiterated his administration's intent to implement the Department of Labor's proposed fiduciary rule in his remarks at the White House's Conference on Aging.
"The goal here is to put an end to Wall Street brokers who benefit from back door payments or hidden fees at the expense of their clients," said the president at the event, which is hosted once every 10 years by the White House.
"If they're advising you on how you should save your money they should be looking out for you, not for somebody who's selling a product that may not be best for you," Obama added.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
