Conflicted IRA Advice Widespread as Fiduciaries Lack Oversight, Watchdog Finds

What You Need To Know

• Lawmakers asked the Government Accountability Office to assess current issues around conflicts of interest and investment advice.
• Conflicts abound among recommedations to retirement investors, the watchdog found.
• IRS needs to implement an audit process for IRA fiduciaries so it can more effectively assess excise taxes for prohibited transactions, GAO suggests.