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Stricter standards on the way for retirement account advisers

Stricter standards on the way for retirement account advisers

Most investors likely assume their advisers consider their clients' best interests to guide their investments, but that hasn't been required under federal rules for financial professionals.

That's about to change.

A new rule, unveiled last week by the U.S. Department of Labor, will hold advisers to a stricter standard for retirement advice, minimizing potential conflicts of interests that have led savers into sometimes expensive or complicated investments.

The rule requires advisers to abide by a "fiduciary" standard that puts clients' interests before their own profits. Currently, stockbrokers who work on commission selling investment products are required...

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