When financial advisors look out for number one, and that one is them, not you.

I'm David Brancaccio in New York, the Biden administration announced this morning a move

to crack down on what it's been labeling junk fees.

This time financial advisors who push strategies that benefit the advisors, but cut into people's

life savings, Marketplace's Nancy Marshall-Genzer reports.

Right now, the federal government requires investment advisors to only recommend investments

like mutual funds that are in the best interest of their clients.

But there's a loophole that rule doesn't apply to commodities or things like fixed index

annuities.

Leo Brainer, director of the White House National Economic Council, says sometimes advisors

recommend products that pay them the highest fees rather than investments that would be in

the client's best interest.

And a retirement saver pays for trusted advice that is actually not in their best interest

and comes at a hidden cost to their lifetime savings.

That's a junk fee.

The proposed new labor department rule would require that recommendations for any investment

be in the client's best interest.

That would include advice on rolling over a 401k retirement plan or even which retirement

plans an employer should offer in the first place.

I'm Nancy Marshall-Genzer for Marketplace.

The Federal Reserve starts its two-day meeting on interest rates later this morning.

I spoke with economist Julia Coronado in Austin, who's founder and president of macro

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