Is the advice that your financial adviser gives you always in your best interest? It may seem like an odd question that you shouldn’t even have to ask. But advisers sometimes push high-cost or inappropriate investments that do more to enhance their own income than the size of your nest egg. And many investors don’t understand the fees they’re being charged.In an attempt to curtail these practices, the Labor Department has issued a new rule mandating that any financial adviser who recommends investments for retirement accounts must do so with the best interests of his/her clients in mind. The rule, which will be phased in next year, is expected to save individuals billions of dollars a year. However, some investors may be negatively affected.
To help you understand the implications of the new rule for you, Bottom Line Personal spoke with retirement-planning expert Pam Krueger…
