Retirement, investing, advisors

News from the web:

As stocks reach new milestones (Dow 13,000, S&P 500 1400, NASDAQ 3,000), investors are crawling out of their bunkers and moving out of fear mode into action mode. For many “Jill on Money” listeners, that means grabbing hold of their financial lives and implementing a new plan, while for others, it’s time to revisit old plans to make sure they are on track to succeed.

Dianne in Nashville and her husband are retiring in the next year and need impartial direction, after receiving financial advice, which she thinks may not have been in their best interest. Here’s the tricky part about financial advice: most professionals doling out advice DON’T have to put you first. The only advisors that must put your needs first are Registered Investment Advisors. This is known as a fiduciary duty and investment professionals who aren’t fiduciaries are held to a lesser standard, called “suitability,” which means that anything they sell you has to be appropriate for you, though not necessarily in your best interest.

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