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President Obama Urges Unbiased Retirement Advice

President Barack Obama speaks at AARP in Washington, Monday, Feb. 23, 2015. President Barack Obama says too few Americans app
President Barack Obama speaks at AARP in Washington, Monday, Feb. 23, 2015. President Barack Obama says too few Americans approaching retirement have saved enough to have peace of mind during their later years. (AP Photo/Jacquelyn Martin)

President Barack Obama called on the Department of Labor today to draw up a rule to protect people who save in IRAs, 401(k)s and other workplace retirement plans from hidden fees and expenses that may drain billions from their accounts.

The president wants brokers and other professionals to be required to act in an investor’s best interest – instead of their own – when dispensing advice on retirement accounts.

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