This week, the Labor Department announced a big change in the way retirement accounts are regulated, tightening what’s called the “fiduciary standard.” Translation: someone who is acting as your financial advisor for your retirement account has to put your best interest before theirs.
Previously, retirement brokers were allowed to recommend accounts with additional fees and commission paid to the broker without disclosing it to their client.
It’s a little complicated so we brought CBS Business analyst Jill Schlesinger on to the show to explain.
Click the audio player above to hear the interview.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.
Thanks to our
Your support keeps us going strong, even through