White House Prepares New Rules for Financial Advisors

White House Prepares New Rules for Financial Advisors
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The White House is preparing new rules designed to strengthen restrictions on financial advisors providing guidance to clients regarding retirement savings.

Based on the draft memo obtained by The Hill, the White House noted that the current system of retirement savings requires Americans to navigate through a complex selection of investment products and services. Given the complexity of making decisions regarding retirement savings, workers need investment advice.

According to the White House, the legal framework governing the treatment advice for retirement plan participants hasn’t been substantially updated since it was issued in 1975.

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The memo noted that consumer protections are inadequate for investment advice in the retail and small plan markets, and the current regulatory