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.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.