I originally titled this post, "Our Industry needs a Gut Check." But Nerdwallet thought this one tested better. I'll let you decide.
The Department of Labor recently issued a new rule regarding financial professionals who advise clients on retirement accounts such as 401(k)s and IRAs. Although the rule is complex and comes with some caveats, it can be boiled down to this: Effective April 2017, retirement advisors must put their clients’ best interests first. This is called the fiduciary standard.
The new rule won’t necessarily eradicate bad investment advice, but it’s a step in the right direction, and it’s a good thing for investors.
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