This morning it was my honor to join United States Secretary of Labor Thomas Perez, Illinois Treasurer Michael Frerichs, Senator Daniel Biss, John Rogers of Ariel Investments, and others for a roundtable and press conference to announce the much anticipated proposed rule on retirement savings that will positively impact over a million Illinois private-sector workers. The proposed rule is open for public comments for 60 days.

CHICAGO – A new report by Woodstock Institute and the Illinois Asset Building Group (IABG) finds that increasing numbers of Illinois consumers are ending up in a long-term cycle of debt due to triple-digit interest rates and long loan terms as they turn to title loans to try to make ends meet.

Years ago, as a young married person contemplating starting a family and saving for my children’s college education, I engaged for the first time with a financial planning firm. I learned the hard way the difference between an advisor who earns commissions based on sales of insurance and investment products, and an advisor who works for fees only on a fiduciary basis and does not sell products or earn commissions (such as a fee-only Certified Financial Planner). My initial planner recommended that I invest in a particular 529 college savings plan, without telling me that the recommend plan paid the highest commissions, rather than in a 529 plan with lower costs and better opportunities to grow savings. While I eventually switched my college investments to a lower-cost 529 plan, many people remain stuck in less advantageous college investments because they received advice from advisors who are not acting under a fiduciary standard, which requires that the advisor put the investor’s interests first, not the interests of lining the advisor’s own pockets. Fiduciary standards are needed to protect consumers and help families save more for college.

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