A new coalition of labor unions and consumer advocates has formed to help generate support for the Department of Labor's anticipated new fiduciary standard, which would make broker-dealers beholden to the high standards of care established under the Employee Retirement Income Security Act. 

A newly launched website, SaveOurRetirement.com, includes a petition seeking to gather 1,000 signatures in support of closing what the coalition calls the "retirement advice loophole" with the implementation of a universal fiduciary standard. 

As of mid-day Friday, its second day in circulation, the petition had garnered 16 signatures — three from outside the U.S. 

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.