Millennials are living in a world in which the damage that high fees can do to a retirement portfolio is widely discussed. A U.S. Department of Labor rule requiring firms that handle retirement accounts to act as fiduciaries—advisers who must put clients' interests before their own when recommending investments—was to go into effect on April 10. The Trump administration has ordered the Department of Labor to reconsider the rule. Its fate is now uncertain.
All the more reason to make sure your adviser is a fiduciary, bound to watch out for you when it comes to high fees and other perils of investing.
This article was provided by Bloomberg News.