President Obama and the Department of Labor have just announced a new rule that takes steps toward ensuring that brokers and other financial advisers who provide advice on how to handle 401(k) and IRA investments must do so in the best interests of their clients – and not provide advice that maximizes their own fees and commissions.

The White House and the Labor Department estimate that the annual cost of conflicted investment advice is approximately $17 billion each year.

To: All members of Congress

This is an important victory for millions of current and future retirees, however, financial institutions and many on Wall Street who make a lot of money by selling these conflicted investments are already lobbying Congress to oppose this rule change. 

The Department of Labor just released a new fiduciary rule, which takes significant steps toward protecting millions of current and future retirees from financial advisors who provide retirement investment advice that is not in the best interests of consumers. The White House and Labor Department estimate that conflicted investment advice costs workers and retirees approximately $17 billion each year. Please oppose any efforts to weaken this important rule. When you do, you are standing on the side of millions of current and future retirees – not on the side of financial advisers who provide conflicted investment advice to consumers.