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Financial and Business Services
Battle looms over retirement advisor conflict-of-interest rule

NEW YORK — A newly proposed rule to ban retirement planners from creating conflicts of interest with their customers might appear to put an end the years-long policy fight over the issue. Don't bet on the retirement on it. The battle is just beginning, proponents of the rule said. The regulation requiring advisors to put clients' interests first is designed to halt planners from, among other things, steering unknowing customers into high-cost, poorly performing investments that pay planners more but cost retirees dearly. The formal language published late Tuesday by the Labor Department triggered a 75-day comment period and eventual public hearing that both promise to...