US retirement savings rule takes effect
The long-awaited regulation will help protect savers from hidden fees, conflicts of interest in retirement advice that could eat into their savings: consumer advocates
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Washington
A RULE meant to make it easier for US retirement savers to trust their financial advisers began its long-awaited rollout on Friday. But investors may not want to let their guard down just yet.
Implementation of the retirement rule, which requires brokers working with retirement savers to put their clients' interests ahead of their own, marks a major victory for consumer advocates, lawmakers and retirement groups who have been pushing for the regulation for more than six years. Originally slated to take effect in April, the rule was delayed by two months after President Donald Trump signed a memo asking the Labor Department to re-evaluate the regulation and determine if it is harmful for investors.
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