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Barry Ritholtz

Your Retirement Adviser Will Think of You First

New federal rules will bar brokers from putting their interests ahead of savers.
I'm with you.

I'm with you.

Photographer: Brent Lewis/the denver post/getty images

Here’s a question: Is the broker who advises you on your retirement account on your side?

The answer is at the heart of the debate over the proposed Department of Labor fiduciary rules. Applying a fiduciary standard means the broker must put his customer’s interests ahead of his own. This is different from now, when nothing stops a broker from selling you what earns him the highest commissions, even if it may not be the greatest investment for your retirement plan.