Vanguard, Blackrock win under new broker rule

Gina Chon
Craig McCausland | Getty Images

The U.S. Labor Department has thrown the $740 billion pension business for a loop. The agency unveiled new rules on Wednesday that will force brokers to put client interests first. That's good news for retirement savers. Firms that have large offerings of low-cost products could also benefit. But those with large annuities businesses could bear the brunt of the $17 billion in fees the DoL estimates may be lost.

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