The advice of financial advisers who seek to protect their advantage before saving its customers cost Americans about 17,000 million dollars a year, warned on Saturday President Barack Obama.
In his Saturday message, Obama said many financial advisors are hidden fees and payments for direct people into bad investments, generating the Americans carry concealed and hidden payments that could be avoided.
“At this moment there are no rules,” said Obama. He added that therefore this week urged the Department of Labor to ensure that retirement advisors put the best interests of their clients above their own profit.
“The families of the middle class cannot afford to lose the savings earned during a lifetime of work. They deserve to be treated with fairness and respect. And that is what this would rule, “he promised.
He recalled that the United States has managed to grow steadily after the 2008 recession, allowing the generation of nearly 12 million new jobs and more than doubled the market, replacing the pension savings of millions of families.
“While we have come a long way, you have much more to do to ensure that our recovery to more people living in the United States, not just those who are at the summit,” he said.
In that sense, he promoted the adoption of the historic Wall Street Reform and the Declaration of rights of users of credit cards, as well as creating a new consumer protection agency.
“If you are working hard and saving money, must be confident that you are getting financial advice is sound and that their investments are protected,” Obama insisted.