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AARP Plans to ‘Mystery Shop’ Advisors

An AARP official says that the advocacy group plans to assemble some members to act as “mystery shoppers” to see if advisors are complying with the DOL’s fiduciary regulation.

Nancy Smith, executive vice president and corporate secretary at AARP, made the comments at a FINRA conference in Washington, according to a report on ThinkAdvisor.

The retirement advice “problem is not just a few bad actors,” Smith said, according to the report. “All financial professionals can face enormous institutional and peer pressure to act in a way that’s not in the client’s best interest.”

AARP was, of course, one of the advocacy groups that compared the impact of advisors on retirement accounts to that of a colony of termites.

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