HomeFinance NewsPersonal financeUncover the Secrets: How Financial Advice Could Transform Your Future Wealth

Uncover the Secrets: How Financial Advice Could Transform Your Future Wealth


What you need to know about financial advice as policymakers debate changes to the rules


When retirement savers leave a company, they have options for managing their 401(k) accounts.

They can keep the money in the current plan, roll it over into an IRA, or purchase an annuity.

However, the guidance they receive from financial professionals about handling old 401(k)s has been exempt from investment advice rules, leading to concerns about potential conflicts of interest.

The Biden administration proposes new rules requiring investment advice provided when making these decisions to be from a fiduciary, meaning it must be in the client’s best interest.

Some in the financial industry oppose this rule, stating it would limit access to financial advice for many Americans.

Retirement savers seeking professional guidance should ask questions about fees, consider staying in their former employer’s plan, and understand the benefits financial professionals may receive.

Options to find qualified financial advisors include searching on platforms such as the National Association of Personal Financial Advisors and the CFP Board.

  • Overall sentiment: neutral
  • Positive

    “Larger companies take the 401(k) plan very seriously, and are looking to work with professional institutional investment consultants to vet the investments that are placed into that plan, setting up access to generally low-cost investment options.”


    “Some in the financial industry have pushed back against the Labor Department’s proposed rule, saying it would create a regulatory burden that would shut out millions of Americans from receiving guidance from financial professionals compensated by commission-based sales.”

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