By JIM KUHNHENN
WASHINGTON — The Obama administration is proposing putting brokers under stricter requirements when they handle clients’ retirement accounts, a change that could affect the investment advice received by many Americans.
In a long-awaited move, the Labor Department is making the proposal Monday to the White House Budget Office. After an internal review, it likely will be put out for public comment for several months.
The change would put brokers _ who sell stocks, bonds, annuities and other investments _ under the stricter requirements for registered financial advisers when they handle clients’ retirement accounts.
Americans increasingly are seeking financial advice to help them navigate an array of options for retirement, college savings and more. Many people provide investment advice, but not all of them are required to disclose potential conflicts of interest.