There is a new well-funded marketing campaign pounding the airwaves of late sponsored by Americans to Protect Family Security, which is a front for the life insurance and financial advisory industries. Their target is to undermine public support for the proposed new Department of Labor regulation that seeks to require the sellers of annuities, life insurance, and other such retirement products, to place their clients’ interest first.
If you have seen any of the adds and have even the slightest understanding of the very basic integrity trying to be implemented in this critical area where most people are highly vulnerable, the add campaign should sicken your guts and make you mad. But the next thing we must all do, is refuse to accept investment advice from any firms that do not publicly subscribe to a fiduciary standard. It’s just basic common sense.
For an excellent overview of the latest industry antics, see : Retirement firms protecting their conflicts.