Brightwater Advisory

A Registered Investment Adviser

How Obama action could affect retirement advice from brokers

"The proposal would bring a stricter regime for brokers handling retirement accounts, making them fiduciaries. Fiduciaries are obligated to put their clients’ interests first.

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Registered investment advisers, on the other hand, are 'fiduciaries' like doctors or lawyers. By law they are considered trustees for their clients and are obligated to put the clients’ interests first. "