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Opinion
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.