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The latest on the Key Bridge collapse, New York puts forth legislation to get clean energy projects on the grid and Wisconsin and other states join a federal summer food program to help feed kids across the country.

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Republicans float conspiracy theories on the collapse of Baltimore's Key Bridge, South Carolina's congressional elections will use a map ruled unconstitutional, and the Senate schedules an impeachment trial for Homeland Secretary Mayorkas.

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Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

New Rules Mean Financial Advisers Must Put You First

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Thursday, April 14, 2016   

LITTLE ROCK, Ark. – Up until now, not all financial advisers were required to put their clients first, before any investment funds they represent.

This month that's expected to change after the U.S. Department of Labor issued a new rule – taking full effect in 2018 – that requires all financial advisers, who give retirement advice, to act in the best interest of their clients.

Jim Lardner, a spokesman for the Americans for Financial Reform, explains the problem.

"Brokers, insurance companies, sales people and others can take advantage of loopholes and have taken advantage of loopholes, to promote high-commissioned investment products that do very well for them, but are not so good for the investor," he states.

This is the first time the rules have been updated in 40 years. Opponents say the change will require excess paperwork and will result in higher costs for investors in the long run.

Americans for Financial Reform estimates the lack of consumer protection until now has cost savers more than $17 billion annually.

The policy hasn't been mandated by law before now, but many reputable investment companies require their advisers to sign a contract committing to act in the best interest of their clients.

Lardner says to protect yourself, ask your adviser if he or she has committed to such a standard.

"There are already a great many financial advisers out there who adhere to a best-interest standard,” he states. “Some because they're required to, some because they choose to, but either way, it's something they commit themselves to contractually. "

According to a study by the Center for American Progress, even a seemingly small extra fee on an investment in a mutual fund can add up over time.

A 25-year old earning $30,000 a year and investing 5 percent of his or her salary annually would end up paying almost $100,000 extra over a lifetime with an extra fee of less than 1 percent.





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