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Should I Trust My Financial Advisor With My Retirement Savings?

Retirement Plan and pen, business conceptThe U.S. Department of Labor (DOL) released its final fiduciary rule on April 6, greatly expanding the definition of fiduciary investment advice under the Employee Retirement Income Security Act of 1974 (ERISA), and creating new fiduciary standards for financial advisors regarding retirement investments.

This new rule is very significant for everyone with a retirement savings plan, such as a 401(k) and Individual Retirement Account (IRA) because it will increase the legal responsibility investment advisors have to their clients.

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There is No Substitute for Sound Legal Advice

 

Everyone has their niche.

Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice.

Case study:

A retiree originally made an appointment with a law firm specializing in estate planning and elder law – but, a family friend was a financial advisor. He decided to work with his friend and canceled his appointment with the law firm.

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