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AARP has delivered more than 5,000 petitions to Senators Charles Schumer and Kirsten Gillibrand, both of New York, seeking to win their support to “close the loophole” regarding the fiduciary standard that applies to retirement plans.

Brokers who are registered with Financial Industry Regulatory Authority (FINRA) are required to recommend “suitable” investments for investors, considering such factors as age and risk tolerance when determining suitability. Advisors registered with the states and the SEC, on the other hand, are required to act as fiduciaries — in the clients’ best interests. AARP, along with other consumer and union groups, is seeking to have the fiduciary standard applied to advisors who make retirement plan recommendations.

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