Biden administration targets 'junk fees' in retirement investments and advice

The Biden administration has proposed a new rule that would require financial advisers, brokers, and insurance agents who sell retirement investments and advice to act in the best interest of their clients, not their own. The goal is to protect consumers from "junk" fees and prevent unscrupulous advisers from taking advantage of clients. While there are already fiduciary rules in place, they don't cover all types of investment products or transactions. The proposed rule aims to standardize the rules for all retirement advice and products. The changes may face industry pushback, but the administration believes that retirement savers deserve consistent protection regardless of the state they live in. The proposed rule will undergo a 60-day public comment period before potential revisions and finalization.