Millions of Americans are counting on their 401(k) and retirement accounts for a secure financial future, and I’m counting on Sen. McCaskill to oppose any effort that would prevent the Department of Labor from closing a loophole that allows unscrupulous financial planners to play with your hard-earned money for their benefit.
This conflict of interest loophole can result in typical savers losing about 25 percent of their hard-earned retirement savings over their lifetime. The Department of Labor is finalizing a new rule that would close the loophole and hold all financial advisers accountable for giving you the best possible retirement advice that meets your needs.
The public assumes compensated financial professionals work for them. While most are reliable, a few are out to line their own pockets and the difference takes more money than necessary out of your pockets. We should be able to trust our financial advisors to put our interests first.
We can expect the final rule to be published soon. As this comes down to the wire, I’m calling on Sen. McCaskill to support consumers by supporting the closure of the loophole. I urge everyone to do the same.