U.S. President Barack Obama says he is committed to middle-class economics and to ensuring that all hardworking Americans get the secure and dignified retirement they deserve.
In his weekly address Saturday, Obama said most financial advisers are good at prioritizing their clients' futures, but there are some who direct their clients toward bad investments in return for backdoor payments and hidden fees.
He said that is why earlier in the week he urged the U.S. Labor Department to update rules and require that retirement advisers put their clients' best interests above their own financial interests.
The president noted that middle-class families cannot afford to lose their hard-earned savings after a lifetime of work.
