https://www.americanprogress.org/issues/economy/news/2016/04/06/134883/a-secure-retirement-demands-limiting-conflicts-of-interest/
"Can you trust your financial adviser? Many Americans aren’t so sure. Thanks to a recent announcement from the U.S. Department of Labor, however, the answer may soon be “yes.” Today, the Department of Labor announced its final rule on conflicts of interest in retirement investment advice, also known as the fiduciary rule. Fiduciary is a five-syllable legal concept, but in practice, the intended effect of the rule is quite simple: All financial professionals selling retirement products will be legally required to act in the best interests of their clients rather than their own. The only reason why financial professionals are not required to do this currently is because of a 40-year-old loophole in the Employee Retirement Income Security Act, or ERISA, that the Department of Labor is now closing. This effort has the potential to return at least $17 billion a year to savers and retirees through lower fees, according to the White House Council of Economic Advisers."
