Investing

You're Making Your Financial Adviser Rich

Only your house costs more than the person handling your savings.

Like a second home.

Source: FPG/Getty Images

The Department of Labor last week published new rules for financial advisers, requiring them to adhere to a new, stricter fiduciary standard. This is designed to prevent advisers from acting as salespeople, ripping off clients by selling them bad financial products that someone else pays them to unload. For more about this important policy change, you can read my Bloomberg colleagues Barry Ritholtz and Nir Kaissar. The president’s Council of Economic Advisers estimates that this policy change will save investors $17 billion a year.

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