If you’re saving for retirement and you give your money over to financial professionals, a slogan of theirs might be “we put customers first.” Well, until recently that was just a marketing strategy; now it’s law.
This week The Labor Department issued new regulations that will require financial advisers and brokers handling individual retirement and 401(k) accounts to act solely in the best interest of the investor.
Jason Zweig, personal finance columnist for the Wall Street Journal and the author of The Devil's Financial Dictionary, explains the new rules and when they go into effect.