Will the New Fiduciary Rule Really Protect Your Investments?

Nobody has a bigger stake in your money than you do.

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The Department of Labor’s new fiduciary rule runs to 1,000 pages and more, and the file I’m keeping on it seems almost as hefty. At first glance, the rule seems straightforward enough: Brokers and other financial professionals who offer investors advice on retirement accounts—401(k)s, IRAs and rollover IRAs—are being required to act as fiduciaries, putting clients’ best interests ahead of their own financial gain, a stricter requirement than the current suitability standard for brokers.

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Janet Bodnar

Janet Bodnar is editor-at-large of Kiplinger's Personal Finance, a position she assumed after retiring as editor of the magazine after eight years at the helm. She is a nationally recognized expert on the subjects of women and money, children's and family finances, and financial literacy. She is the author of two books, Money Smart Women and Raising Money Smart Kids. As editor-at-large, she writes two popular columns for Kiplinger, "Money Smart Women" and "Living in Retirement." Bodnar is a graduate of St. Bonaventure University and is a member of its Board of Trustees. She received her master's degree from Columbia University, where she was also a Knight-Bagehot Fellow in Business and Economics Journalism.