{"id":1585,"date":"2015-01-27T22:11:01","date_gmt":"2015-01-27T22:11:01","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/01\/white_house_looking_at_whether_1"},"modified":"2022-04-12T13:34:11","modified_gmt":"2022-04-12T18:34:11","slug":"white-house-looking-at-whether-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/white-house-looking-at-whether-1\/","title":{"rendered":"White House Looking At Whether Brokers Are Costing Workers Billions in Retirement Funds"},"content":{"rendered":"

Bloomberg News <\/em>is reporting that according to a memo drafted by President Obama’s Council of Economic Advisers Chair Jason Furman, the White House may be pushing for tighter oversight over brokers who deal with retirement accounts. Furman noted that research shows that excessive trading, increased commissions, and other broker practices may be costing investors up to $17 billion a year-and that even this estimate may be conservative. His memo said that investors might be losing up to 10% of their long-term savings because they receive conflicted investment advice.<\/p>\n

This could lead to a Labor Department regulation that would establish a fiduciary obligation requiring these brokers to act in the best interests of their clients. Right now, brokers are merely obligated to make sure that they reasonably believe they are making the right recommendation to a client.<\/p>\n

Such a fiduciary duty rule is one that Bank of America Corp (BAC)<\/a>, Morgan Stanley (MS), and other firms have lobbied against. They contend that this type of regulation would not only be more expensive but also it would leave smaller investors with fewer investment choices.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Bloomberg News is reporting that according to a memo drafted by President Obama’s Council of Economic Advisers Chair Jason Furman, the White House may be pushing for tighter oversight over brokers who deal with retirement accounts. Furman noted that research shows that excessive trading, increased commissions, and other broker practices may be costing investors up […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3774],"tags":[],"class_list":["post-1585","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-broker-dealers"],"yoast_head":"\nWhite House Looking At Whether Brokers Are Costing Workers Billions in Retirement Funds — Investor Lawyers Blog — January 27, 2015<\/title>\n<meta name=\"description\" content=\"Bloomberg News is reporting that according to a memo drafted by President Obama's Council of Economic Advisers Chair Jason Furman, the White House may be — January 27, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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