Obama: brokers must put clients' needs first

Washington - President Barack Obama said on Monday financial advisers deserved to get fair compensation for advising clients on retirement plans but that new rules were needed to ensure brokers were putting investors' needs ahead of their own.

At an event hosted by the Association of American Retired Persons (Aarp), a group that advocates for seniors, Obama said his administration would welcome feedback on how to move forward with an updated rule to remove potential conflicts of interest that brokers face in this area.