The Department of Labor announced its final fiduciary rule last week, which requires financial advisers offering advice on retirement investments to put their clients’ interests first.

The Ballard News-Tribune caught up with seniors at the Ballard Senior Center to hear their opinion of the rule after Senator Patty Murray (D-WA) announced that she applauded the move by the Department of Labor.

“Families these days have enough to worry about, and questioning the advice they get for their retirement savings shouldn’t have to be one of them,” said Murray. ”Unfortunately, year after year, workers have lost money out of their retirement accounts because financial advisers aren’t obligated to act in their clients’ best interests and far too many have steered them toward investments and products with higher fees for themselves and the firms they work for. This is simply wrong, it needed to change, and I am very glad that this new rule will put families and seniors before the financial industry and their profits.

Murray is the top Democrat on the Health, Education, Labor, and Pensions (HELP) Committee.

“I am very happy to see after getting input from consumer groups, industry, members of Congress, and many others, the Department of Labor developed a strong, workable protection that will help families and seniors across the country. I know some Republicans don’t think that the government should be in the business of protecting families from financial industry greed, but I will fight back against any attempt to strip families of this vital new protection that helps seniors, helps workers, and helps our economy grow from the middle out, not the top down.”

Some Ballard seniors are surprised advisors weren’t already acting with their clients best interests, but are pleased with the new rule.

Before the new rule, financial advisers were not required to act in their clients’ best interest. According to the White House Council of Economic Advisers disregard for retirees’ pocket book costs investors about $17 billion every year. The Department of Labor’s new fiduciary rule will establish a best interest standard.

The day this reporter visited the Ballard Senior Center there were at least 30 seniors there having lunch. Many seniors frequent the center for a daily $3 meal, something that many who live on a fixed income depend on.

“We are an easy mark because we are really vulnerable,” said Janny Anderson.

Anderson has been retired for six years and is on a fixed income. She lives in Ballard.

“My bank talked me into some services that I didn’t really need. They weren’t bad, but it cost me money.”

Anderson appreciated Murray’s endorsement for the new rule.

“I think she (Murray) has a lot of respect for what she does from all sides.”

About the new rule, Billy Roach of Ballard said it was a movement for the better.

“I think it’s in the right direction,” said Roach.

Roach also lives with a fixed income: social security and a small pension from his union. Roach was a bartender at the Westin Hotel for 30 years. He is a union member of the Local 8.

“This sounds a lot like Bernie (Bernie Sanders, Presidential candidate). I think this country is ready for some honesty.”

Both Anderson and Roach agreed that the new rule is important, however they have their doubts in how it will be enforced.