Best interest standards from agencies complementing each other “will go a long way toward protecting investors’ retirement accounts from unscrupulous or conflicted practices that will erode investor assets at a time they need them most—in retirement,” the coalition said.
The statement concluded, “The coalition believes that requiring advisors to work in retirement investors’ best interest is an essential and long overdue reform. The coalition strongly urges the Department of Labor to continue its work toward full implementation of investment advice standards that can support American businesses and consumers as soon as possible."