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13 0296Granted in the Matter of KE and US Department of Labor  Form

13 0296Granted in the Matter of KE and US Department of Labor Form

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this past week the US Labor Department issued new regulations requiring financial advisors handling 401ks and other retirement accounts to act in the best interests of their clients for more on this story our business analyst Jill Schlesinger is here Jill a lot of people might wonder shouldn't the financial advisors be acting in the best interest of their clients already well previous to this rule they were held to a lower standard it's called suitability that meant what I recommend to you has to be suitable so if you're 85 years old you're risk-averse no social media startup but I could have recommended a product that was maybe expensive that was not in your best interest with this rule now I must put your best interests first ahead of mine or my company's now I want to reiterate this is only for retirement accounts if you have a non retirement account there still may be some cases where the person's held to suitability to figure out whether your advisor is or is not held to that stan

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