Bloomberg Law
June 29, 2020, 10:03 PMUpdated: June 29, 2020, 10:34 PM

Trump Moves to Ease Retirement Advice Rules for Financial Firms (1)

Warren Rojas
Warren Rojas
Senior Reporter

Financial professionals who advise plan participants about retirement account investments will have more latitude to make money off those deals once a new proposal from the Trump administration is finalized.

The proposed exemption issued Monday spells out the Employee Benefits Security Administration’s latest take on whose financial security most needs protecting—retirement account holders or the industry professionals they turn to for guidance.

It dovetails with the Securities and Exchange Commission’s best interest rule requiring broker-dealers to disclose potential conflicts of interests to retail investors. The U.S. Court of Appeals for the Second Circuit upheld the SEC rule June 26. It ...

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