Good financial advice can help you achieve your life goals. Bad financial advice can cost you a fortune and leave you worse off than if you had tried to go it alone.
Unfortunately, you’re still on your own in trying to determine the good advice from the bad. The U.S. Department of Labor has delayed key portions of a fiduciary rule that would require financial advisers to put their retirement account clients’ interests first. The provisions are set to begin July 1, 2019, but it’s anyone’s guess whether that will happen.
Officials say they need more time to consider possible changes to the rule, which was crafted under the Obama administration. Opponents of the delay say the rule has already survived legal challenges and a congressional effort to block it, so the delay amounts to a repeal.
“The safe thing is for the investor to assume it’s still the same buyer-beware market that’s always existed,” says Barbara Roper, director of investor protection for Consumer Federation of America, a nonprofit advocacy group.
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