“Your editorial fails to mention that conflicted investment advice costs Americans saving for retirement tens of billions of dollars a year in lost savings. Due to an outdated 40-year-old rule riddled with loopholes, brokers and insurance agents are allowed to recommend investments that pay big commissions, saddling their clients with huge fees and low returns.
“The Labor Department’s proposal would ensure that more than $40 billion stays in Americans’ retirement accounts every year instead of ending up in brokers’ pockets. The new rule will help small savers the most, since they can least afford the losses from adviser conflicts of interest.”
– Dennis Kelleher (President and CEO of Better Markets)
Read the full Wall Street Journal Letters to the Editor here.