“The $14 trillion retirement industry is about to undergo a major overhaul: Brokers for the first time will be forced to consider the best interest of their clients — rather than the brokers’ own fees — in recommending investments.

“The US Department of Labor announced the new rules, the first in decades, on Wednesday, after banks, insurance firms, and mutual fund companies spent millions furiously lobbying against them.”

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“Even with the concessions, the changes will help consumers, said Dennis Kelleher, president of the Washington-based Better Markets Inc., a nonprofit, nonpartisan financial reform group.

“That is a dramatic and incredibly important change to millions of Americans,” Kelleher said.”

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Read the full Boston Globe article by Deirdre Fernandes here.