Who should you take retirement advice from?
As the Trump Administration gets going, don’t expect his new cabinet to be much interested in individual investor protection. By filling key positions with Wall Street types, the insurance and brokerage industry may once again be smiling all the way to the bank.
There’s little reason to believe that the progress of the Dodd-Frank law or the Department of Labor’s “fiduciary” rule will survive, either. They may be out the door as the GOP and Trump officials try to turn back the clock.
That means you need to be more vigilant than ever in dealing with financial advisers. According to a recent report by the Consumer Federation of America and Americans for Financial Reform, brokers may be deceiving investors and not fully disclosing that they are generally salespeople that don’t have your best interests at heart.