Obama presses new rule for broker advice on retirement investments

President Barack Obama will direct the Department of Labor on Monday to proceed with new rules that would rein in conflicts of interests among Wall Street brokers who advise clients on retirement investments, administration officials said. The move would cut back on "hidden fees" that financial advisers can pocket when steering clients into more expensive products that may not be the best option for the investor, officials said. "The president will call on the Department of Labor to establish updated rules of the road to make sure that responsible Americans who are saving for retirement are getting a fair share of returns on their savings," Jeff Zients, Obama's top economic adviser, said in a conference call with reporters on Sunday.



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