On April 6, 2016, the US Department of Labor issued new regulations for financial advisers and brokers that require them to act in the best interest of their clients when it comes to retirement and 401(K) accounts. Under new regulations, Secretary of Labor Thomas E. Perez said, putting customers first “is no longer a marketing slogan. It’s the law.”

The change is expected to move retirement funds into lower-cost investments and could potentially save investors billions. According to retirement expert and author, Scott Page “This new rule is a great move to protect the majority of America’s from unscrupulous, commission driven financial advisors and insurance brokers and agents.”

In his book, It’s Never Too Late: Getting Older, Wiser and Worry-Free in Our Golden Years, Scott devotes a chapter on how to find a financial planner who will have their clients’ best interests at heart.

Scott offers the following tips:

• Always try to use a fee-based advisor or agent if possible.
• Ask for at least three different options when shopping for insurance or a place to invest.
• Ask the hard question in writing “how much commission are you and your firm making on each of the examples”.
• Ask why this product or service is the best for me. Make them respond in writing.

Regarding the new rules, Scott said, “I applaud the new regulations being placed on Wall Street and the Insurance industry by The US Department of Labor.  However, these new rules are only a start at requiring financial advisers and brokers handling individual retirement and 401(k) accounts to act in the best interests of their clients. I warn, that this is only a start to protecting the majority of American’s from unscrupulous, commission driven financial advisors and insurance brokers and agents.”