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.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.