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Personal finances can get complicated fast, which is why many people seek the assistance of a financial adviser. Especially when considering your retirement, it can give you extra confidence to know that a professional is helping ensure you make the best decisions for your future.
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It may therefore come as a surprise to know that historically, financial advisers haven’t been required to put your best interests first. But in April 2016, the Labor Department finalized a new rule that requires financial advisers who deal with retirement accounts to respect what’s known as the fiduciary standard, meaning they have to put the client’s interests first.
Before, financial advisers just had to follow the suitability standard, which…