44 DOL Fiduciary Rule

DOL Fiduciary Rule for financial planners

The Department of Labor (DOL) Fiduciary Rule was scheduled to start on April 10, 2017 but President Trump signed an executive order delaying the rule 180 days so that the DOL could carry out “economic and legal analysis” on the rule’s potential impact.

If this legislation is not stopped by the new administration, it will require all financial professionals who work with retirement plans to be fiduciaries and be bound legally to meet that standard.  The fiduciary standard demands that advisors act in the best interests of their clients, and to put their clients’ interests above their own. Advisors cannot conceal any potential conflict of interest and all fees and commissions must be clearly disclosed in dollar form to clients.

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18 How to Pick a Financial Planner

Today’s question: How do I pick a financial advisor?

If you prefer, we have a podcast and video about this question.

If you feel like you need support with your finances, there is no shortage of financial advisors. One of the most important things to know is how they are being compensated. Unfortunately, financial investment firms are often very unclear about the cost of their services and investment products. This lack of transparency and concealing of fees is an unfortunate reality.PBS Frontline did a nice story about investments and advisors called the Retirement Gamble. One of their lessons was that commissions and fees can add up to significantly reduce your overall return on investments.

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