Time - On Tuesday, the Obama Administration unveiled a new regulation designed to prevent the nation’s 300,000-person army of financial advisers from giving conflicted advice to retirement savers. The move, which was years in the making, promises to be one of the biggest changes to the way Wall Street does business since the Dodd-Frank financial bill more than five years ago.
Some ambiguity will persist at least until the rule goes into effect. So if you have doubts, consider following the advice of fee-only financial planner Harold Evensky (Texas Tech University professor of practice for personal financial planning), who suggests asking your adviser to sign this plain-English document attesting to his or her fiduciary responsibility. If they balk at doing so, consider another adviser.
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