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...