How to Get Reliable Retirement Planning Advice

U.S. News and World Report - The Trump administration is seeking to delay and perhaps dismantle the fiduciary rule. Originally scheduled to take effect in April, this rule would have legally required financial advisors handling 401(k) plans and individual retirement accounts to make recommendations in the best interest of their clients, and not the most profitable investments for the advisor. Whether the rule will be implemented is now unclear. Nonetheless, some financial advisors are already upholding the fiduciary standard.

Ask potential financial advisors if they are willing to act as a fiduciary, which means they agree to recommend investments that are in your best interest. "The best protection is for the investor to take matters in their own hand and have whoever they are considering sign the fiduciary oath," says Harold Evensky, a certified financial planner and professor at Texas Tech University. "It's a simple mom-and-pop statement that clearly explains the commitment of the advisor."

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