[sickoflibs]

From link:
“Under current rules, brokers are required to recommend only “suitable” investments based on the client's finances, age and how much risk is appropriate for him or her. The rules would make brokers handling retirement accounts obligated to put their clients’ interests first.”

clients’ interests first??? That sounds like communism!

[Rusty0604]

A 401(K) has administrators that have a fiduciary responsibility for the plan. They are the ones held responsible for the plan, not the brokers or investment managers they hire to work with.

Normally the employee contributes to his account also, and especially with that portion of their account they should be able to invest in whatever is available to them. The investment managers can give advice, but can’t tell them what they can do with their own money.

This all comes from the political elite thinking the common man just doesn’t know what’s good for him.