08.30.24

GAO Finds IRA Fiduciary Oversight Lacking

by: Steve Randall

Financial services professionals who act as fiduciaries for independent retirement accounts (IRAs) could face extra scrutiny if new recommendations are implemented, according to a "mystery shopper" style probe by the Government Accountability Office (GAO). In a report dated July 29 but only made public last week, the GAO said “the interests of financial professionals and retirement investors often conflict,” citing when financial professionals are paid commission from selling a product to a client, creating “risks for millions of investors with over $18 trillion dollars in retirement savings in 401(k) plans and IRAs.”

Read the full article on InvestmentNews