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Take two. President Barack Obama today called on the Department of Labor to move forward with a proposed rulemaking to require retirement advisers to put their clients best interest before their own profits. Its a rewrite of the dropped 2010 rewrite of the 40-year-old fiduciary rule. (The 2010 rewrite was withdrawn in 2011 amidst industry furor.)

Were going to get this right, said DOL secretary Tom Perez, bemoaning backdoor payments and hidden fees that cost Americans up to $17 billion a year in lost retirement savings, according to The Effects of Conflicted Investment Advice on Retirement Savings.

If youre working hard and saving money, sacrificing that new car or vacation so you can build a nest egg for later, you should have the peace of mind that the advice youre getting is sound, President Obama said, at the Save Our Retirement Coalition event at AARPs offices in Washington. Coalition members include the AARP, AFL-CIO, AFSCME, Americans for Financial Reform, Better Markets, Consumer Federation of America and Pension Rights Center.

Provided by Forbes Is your financial advisor a salesman or does he have your best interest in mind? (Credit: jeremkin/Getty Images)

Of course, some financial advisors are honestPresident Obama called out Sheryl Garrett, founder of a network of fee-only financial planners; but some are selling snake oil, he said. He cited an example of an elderly couple in Illinois who had been sold expensive annuities making it hard to access their money and now the family is struggling to pay for needed nursing care.

The proposed rule is still under wrapsthe DOL sent it to the OMB for review today. But a White House fact sheet gives some hints as to what is coming. The proposed rule will expand the types of retirement advice subject to the higher fiduciary standard (as opposed to a suitability standard). It will allow advisers to continue to provide general education on retirement saving across workplace retirement plans and IRAs without triggering fiduciary duties. And all common forms of compensation, such as commissions and revenue sharing, would still be permitted, whether paid by the client or the investment firm.

The rule is also likely to address aggressive marketing of IRA rollovers, predicts AARP Director of Financial Security and Consumer Affairs Cristina Martin Firvida. Today most of Americas retirement savings are in IRAsnot ERISA-protected pensions or 401(k)-type plans. Theres $7.2 billion in IRAS, $5.3 trillion in defined contribution plans like 401(k)s, and $3.1 trillion in defined benefit pension plans, according to the DOL.

The Investment Company Institute, the financial services industry lobby, quickly fired off this response to the announcement: It is vital that any proposed rules be carefully tailoredand regulators must reply upon data and factsnot overheated rhetoric. What can you do in the meantime? Find an advisor who is legally obligated to put your interests first.

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Obama attacks retirement advisers selling snake oil