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By wordsthatecho
March 18, 2016

A fiduciary standard requires financial advisers to give clients advice that’s in their best interest, as opposed to advice that is suitable for them—appropriate, but not necessarily optimal. New regulations due from the Department of Labor are intended to require that financial advisers giving advice to retirees must operate under the fiduciary standard.

Harold Pollack, co-author of The Index Card, says the best way to ensure that a financial adviser is giving you unbiased advice is to ask him or her to deal with you acting as a fiduciary.

For more on the fiduciary standard, read Penelope Wang’s commentary about the Department of Labor’s efforts.

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

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