Biden's New Retirement Adviser Proposal Targets 'Junk Fees'

Retirement advisers would need to ensure that they prioritize investor interests under the new rule.

Broken pink piggy bank that says retirement
(Image credit: Getty Images)

The Biden administration has proposed a retirement security rule to update the definition of an investment advice fiduciary to ensure investment advisers prioritize retirement savers' interests over their own.

“Investment professionals routinely hold themselves out as giving expert advice based on the financial interest of the retirement investor, rather than the investment advice provider’s financial interests,” said Lisa Gomez, assistant secretary for the Department of Labor's Employee Benefits Security Administration (EBSA). “This proposed rule would ensure that when investors entrust their retirement security to such investment professionals, their confidence will not be misplaced, regardless of the type of investment recommended.”

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.