Received this e-mail today from Russ Feingold’s (D. WI) U.S. Senate campaign:
Friend,
You'd be amazed how easy it is for financial advisors to scam Americans out of their hard-earned retirement money.
Right now, there's no legislation in place to ensure financial advisors act in their client's best interest. That's why, in April, the Department of Labor stepped in to protect retirees with the new fiduciary rule.
This seems like common sense, right? Well, apparently not to Senator Ron Johnson and his obstructionist Republican colleagues in the Senate. In May, Senator Johnson sided, once again, with Wall Street and multi-millionaires like himself, voting to block the commonsense fiduciary rule.
That's why we need to step up, make our voices heard, and work to make sure this new rule becomes law. Add your name if you agree: It's wrong for financial advisors to scam retirees out of their hard-earned savings.
Here's how this situation usually plays out: You want to set up or update a retirement account, like a 401(k), and you want to invest wisely. But retirement funds are complicated, and there's more options than you can count, so you talk to a broker or financial advisor first to get their advice. You're paying these financial advisors, and trusting them to give you advice that's in your interests, like you would a lawyer or a doctor. But shockingly, it's completely legal for so-called financial advisers to look a family straight in the eyes and recommend an investment that's secretly better for the advisor than for the family trying to save for retirement.
This is absurd. Financial advisors should be helping their clients, not taking their money through self-serving advice and excessive fees.
Russ wants to make sure that when Americans put money away for retirement, financial advisors aren't taking them for a ride. That's why he supports the fiduciary rule: to protect working and middle-class American families from bad actors in the financial industry.
Add your name to join us in calling on Senate Republicans and Senator Johnson to put hardworking Americans ahead of Wall Street.
Since 2011, Senator Johnson has received over $700,000 in campaign contributions from Wall Street and the financial services industry. That's who he represents in Washington. And it shows.
It's time that our elected officials stopped putting Wall Street ahead of working and middle-class families.
Thanks,
Josh Orton Senior Advisor and Policy Director