Yesterday was the due date for comments on a rule proposed by the U.S. Department of Labor that would protect people with 401(k)s and IRAs from conflicts of interest in the financial services industry.
Retirement Investing-It's Complicated: Does your retirement investment advisor have your best interests in mind? Possibly not-under current law, many investment consultants and advisors for 401(k) plans and individual retirement accounts are not considered 'fiduciaries,' meaning they're not legally responsible for offering advice solely for the benefit of employers and workers participating in a plan. They could, in fact, be receiving payments from investment companies, recommending investment products from those companies to account holders-and then not be held at all accountable if their advice is faulty.
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