U.S. Secretary of Labor Thomas Perez showcases Rebalance IRA during a keynote speech announcing historic new rules designed to make retirement investing safer for all Americans.
Narrator Recently, the U.S. Department of Labor approved a new rule that makes retirement investing safer for all Americans by holding advisors to what’s called a fiduciary standard, meaning they must now act in the best interest of their clients. Labor Secretary Tom Perez announced the historic new rule in Washington, D.C.
Tom Perez: A consumer’s best interest must now come before the advisor’s financial interest.
Reporter: Scott Puritz with Rebalance IRA.
Narrator: Rebalance IRA is one of America’s leading low-cost retirement investment advisors. Managing Director Scott Puritz played a key role in achieving this pro-consumer victory.
Scott Puritz: The marketplace is not working. It just categorically is not working.
Tom Perez: Scott Puritz is the managing director of a firm that we met in the course of our outreach called Rebalance IRA, and they already adhere to the fiduciary standard. He said to me that more than 30 percent of his client base is what he called “brokerage refugees.”
Narrator: Puritz provided expert testimony to the U.S. Senate about the new rule and the challenges posed to investors under the current system.
Scott Puritz: At our firm, we sometimes refer to these clients as brokerage refugees. The story we see over and over again is all too familiar: a client at a brokerage firm who is stunned to find out that their so-called trusted retirement investment advisor does not have a fiduciary responsibility.
Narrator: The new rule is designed to save investors billions of dollars they lose each year due to hidden fees. One way to avoid that risk right now is to make sure your advisor is a registered fiduciary. To find out more, visit rebalance360.com.
