The U.S. Government Accountability Office released a report Wednesday saying that employees switching jobs often receive guidance by 401(k) companies to roll their accounts into an IRA, even when that might not be the best course of action. But what does this mean for advisers?
“The report didn’t show enough about why people make the choices they do,” says Lisa Bleier, managing director of Securities Industry and Financial Markets Association, referring to the rollover into IRAs. “Advisers are just trying to educate folks, they’re not trying to scheme. But we’re taking the comments to heart and will work with regulators.”
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