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The Department of Labor’s Retirement Security Rule would close regulatory loopholes to ensure that all investment professionals provide advice that is in retirement savers’ best interest and that any conflicts of interest do not taint their advice. This “best interest” standard would apply across the board: to any investment professional advising on retirement accounts for any recommended investment product.

The rule would prohibit an adviser from, for example, steering a client toward lower-performing investments that pay the adviser a large commission when there are better options available. The rule also levels the playing field for the many good actors in the retirement advice community who are already providing advice in their client’s best interests.

Americans deserve advice about their retirement plans untainted by conflicts of interest. The Retirement Security rule will save affected middle-class families tens or even hundreds of thousands of dollars for their retirement over a lifetime of savings. Any watering down of this rule at the behest of the financial services industry will hurt working people who are trying to save for retirement, particularly those with modest savings who need to make every dollar count. Workers saving for retirement and retirees trying to make ends meet in all 50 states will benefit from the fiduciary rule’s full implementation.


The Save Our Retirement Coalition is comprised of over 100 consumer advocate, retirement, and labor groups fighting for better protections for retirement investors. Steering committee members include: AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Center for American Progress, Consumer Federation of America, Economic Policy Institute, Pension Rights Center, and PIABA.


Since the passage of Employee Retirement Income Security Act of 1974 (ERISA), the retirement savings landscape has shifted dramatically, as defined contribution plans like 401(k)s and IRAs have replaced defined benefit plans like pensions. In practice, this means that workers now have to figure out how to manage their own retirement savings during their careers.

Unfortunately, due to regulatory loopholes, when retirement savers seek out advice from financial professionals, they cannot be assured that their advisers will put their best interests first.

While most advisers do the right thing, some unscrupulous financial professionals push their clients towards products that are illiquid, have high fees, or are inappropriate investment options for their circumstances due to conflicts of interest. This conflicted advice costs retirement investors billions of dollars a year and impacts their ability to save for a secure retirement.

Hear directly from a financial advisor about the importance of fiduciary obligations for all financial professionals advising retirement investors -

The Problem

Financial professionals you turn to for advice are allowed to profit at your expense.

The Solution

The Department of Labor must update the rules and make sure all financial professional have a legal obligation to put your interests first when they offer retirement advice.

Take Action

Tell your representatives in Congress to protect your retirement savings or get involved in the Save Our Retirement coalition!


We believe all Americans need reliable advice they can trust.

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