You might think the people you hired to help arrange your retirement finances have to put your best interests first. That’s not always the case.
So the Obama administration has taken a controversial step to try to protect more Americans from being ripped off.
The new rules unveiled Wednesday by the Labor Department are designed to prevent consumers from being steered toward IRAs and other retirement investments with higher fees or lower returns that benefit the advisors recommending or selling them.
The White House estimated that those conflicts of interest cost Americans $17 billion a year.
Initially proposed in 2010, the rules would save a 45-year-old...