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Obama Backs Upping Retirement Advice Fiduciary Standard

Law360, New York (February 23, 2015, 2:57 PM EST) -- President Barack Obama on Monday threw his weight behind a coming U.S. Department of Labor proposal that would force financial advisers to put their clients’ interest ahead of their own when recommending retirement investments.

The rule would expand the number of financial advisers subject to the so-called fiduciary standard established under the 1974 Employee Retirement Income Security Act by closing a pair of exemptions allowing advisers to steer clients into investment vehicles that provide brokers with a significant upside, even if it is not the best option for clients.

Closing those loopholes will benefit Americans trying to save for their retirement...

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