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.”
