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Chad Griffith

As expected, the U.S. Labor Department under President Donald Trump this week moved to delay an important investor protection regulation called the “fiduciary rule.” Scheduled to go into effect April 10, the rule would have required financial advisors to act solely in their clients’ best interest when giving advice or recommending investments for your retirement accounts. In promoting the rule, the Obama administration had cited studies showing that retirees have lost billions of dollars in savings because of costly or inappropriate investment advice, which is why Money has advocated for a strong fiduciary rule. Unfortunately, Wall Street lobbying groups have been pushing for a delay or reversal, and it looks as though they’ve won the day, at least for now. That means it’s up to you to make sure that your financial advisor is looking out for you. So before you sign up with one, do a background check. And ask the advisor to sign an agreement to act as a fiduciary. It’s no guarantee of good behavior, but it’s a simple way to sort out salesmen who are simply calling themselves advisors.

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“The art of being wise is the art of knowing what to overlook.”

--Philosopher William James