The House of Representatives last year considered legislation to eliminate the fiduciary rule, along with most of the Dodd-Frank financial reform law. “There are something like 310,000 financial advisers in the U.S. now, which is about 40,000 fewer advisers than there were 10 years ago,” she said. Even without the Labor Department’s fiduciary rule, there are ways to determine whether an adviser is likely to work in your best interest. Many certified- and fee-only financial planners, registered investment advisers and personal financial advisers who are also certified public accountants operate under the fiduciary model. If you need pre-retirement or estate planning, or divorce or retirement advice, you may want specialists in those areas.

Source: New York Times January 13, 2017 19:29 UTC