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As of now, stock brokers have to put your interests before their own bonuses

April 6, 2016 - Uncategorized

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WASHINGTON  — High fees. Conflicts of interest. Inappropriate investments.

The Obama administration is going after a host of perceived rip-offs with the new rules it’s unveiling Wednesday for brokers — the men and women who recommend investments for people looking to save for retirement. 

SEE ALSO: 6 ways to finally feel good about money in 2016

Previously, brokers who sell stocks, bonds, annuities and other products were required just to recommend investments that were merely “suitable” for a client. 

They’ll now have to meet a stricter standard: They will be considered “fiduciaries.” That means they have to act in the clients’ best interests above all. Read more…

More about 401k, Retirement Savings, Financial Advisers, Brokers, and Business
Source: Mashable

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