RICHMOND, Va. -- The Obama administration has proposed holding retirement advisors to what is called the “fiduciary standard.”
That means they are legally bound to put their clients’ interests ahead of their own. It’s crazy, right, that they aren’t already required to do so? The White House Council of Economic Advisors estimates a 1% reduction in your return could reduce your nest egg by a quarter over a 35-year span. It estimated some $17 billion in extra fees are collected by the financial service sector each year.
So how do you find out whether your advisor is working to make sure the return on your investments aren’t reduced by hidden fees?
Listen to Jamie Cox, from the Harris Financial Group, on what to look for.
