NEW YORK (Reuters) - Wells Fargo & Co (WFC.N) said it supported a “best-interest” standard for wealth management clients and was reviewing a new rule detailed by the U.S. Department of Labor on Wednesday.
Wells, which operates one of the largest U.S. wealth management businesses, said it had a “robust plan in place” to review the new rule and make necessary changes.
The rule aims to ensure brokers put clients’ best interest ahead of their own profits when handling their retirement savings. The Labor Department proposed a tougher rule years ago, but ultimately softened it to address industry concerns.
(This story has been refiled to say Wells Fargo supports best-interest standard, rather than broader rule.)
Reporting by Lauren Tara LaCapra; Editing by Lisa Von Ahn