8 Things You Need to Know About the New Investor Advice Rule
By Eileen Ambrose
A new federal rule aimed at ensuring that investors are receiving retirement advice in their best interests kicks in June 9.
Years in the works by the Department of Labor, this so-called fiduciary rule sets a higher standard for brokers and other financial professionals than what’s been required of them for decades under federal pension law.
“We think this is the most significant positive impact for retail investors in the last 40 years. It’s a big change,” says Jon Stein, CEO of Betterment, a New York-based portfolio management firm. “It protects people who are getting retirement advice.”