$17 billion
Estimate from the Obama White House of how much money Americans lost annually because of conflicts of interest among financial advisers. Wall Street groups say that estimate is too high. Academics say it’s too low. The Obama administration’s Fiduciary rule — which requires advisers to have a fiduciary responsibility to act in the best interests of their clients when dealing with retirement accounts — is set to take partial effect on Friday. But it may be short-lived: President Trump ordered that the rule be reevaluated, reports Bloomberg.
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