--- title: What the New Fiduciary Standard Means for Retirees | TIME description: Jill Schlesinger explains how the new rule will change how retirees invest their savings. canonical: https://time.com/video/ys4J34rj/ og:title: What the New Fiduciary Standard Means for Retirees og:description: Jill Schlesinger explains how the new rule will change how retirees invest their savings. og:url: https://time.com/video/ys4J34rj/ og:image: https://cdn.jwplayer.com/v2/media/ys4J34rj/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: What the New Fiduciary Standard Means for Retirees twitter:description: Jill Schlesinger explains how the new rule will change how retirees invest their savings. twitter:image: https://cdn.jwplayer.com/v2/media/ys4J34rj/poster.jpg?width=720 --- # What the New Fiduciary Standard Means for Retirees > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: What the New Fiduciary Standard Means for Retirees [Watch (HLS stream): What the New Fiduciary Standard Means for Retirees](https://cdn.jwplayer.com/manifests/ys4J34rj.m3u8) (2:17)  _Published 2016-03-15. Jill Schlesinger explains how the new rule will change how retirees invest their savings._ --- Jul 27, 2023 7:46 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Why Your Financial Adviser Should Be a Fiduciary](/video/j6zKcDMW/) ### Why Your Financial Adviser Should Be a Fiduciary [Why Retirees Need to Invest in Stocks](/video/VNQByCBv/) ### Why Retirees Need to Invest in Stocks [Year-End Tax Tips with Jill Schlesinger](/video/IqlBe550/) ### Year-End Tax Tips with Jill Schlesinger --- ## Transcript [ MUSIC ] More than a year after the White House endorsed a Department of Labor proposal to change the way that financial advice is given in retirement and to retirees, the law is about to go into effect. Here. Hear to help us, talk us through it, is Jill Schlesinger, financial expert. Hi Jill. Hi. So what exactly is the fiduciary standard? The fiduciary standard requires that a professional put the client's interest first. Now that may seem weird because most people think if I go see an advice giver in the financial services world, of course they're gonna put me first. But that's not way the rule reads right now. Most people who give financial advice, most people who sell financial products, adhere to something called suitability. Has to be suitable for you, but it doesn't have to be in your best interest. This rule, which only applies to retirement accounts, is a game- changer in the financial services industry because, now, customers will have to come first. So what exactly will the new rule do? Well, let's say I'm seeing you, you're my broker, and I say, hey Taylor, what should I put in this account? You must tell me what is in my best interest, rather than tell me something that could fine, but it may not be the best option. That may mean the different between buying an index fund versus a loaded mutual fund. In all cases, everything must be disclosed. And this is a real point of contention because I think a lot of retirement investors don't fully understand what they are buying. So how do I know if my financial person is holding to 30- share standard. There are a number of professional designations Which, if you just see it on a piece of paper, my advisors are fiduciaries. So the easiest one, certified financial planner. So the Board of Standards, you have to be a fiduciary. CPAs have the designation personal financial specialist, so CPA- PFS. There are those folks who are part of NAPFA, the National Association of Personal Financial Advisors. They're held to the fiduciary standard. And also, if you've got someone whose got a CFA, a Chartered Financial Analyst, those folks are also held to the fiduciary standard. But please, just ask, it's easier. [ LAUGH ] Yeah, you don't have to worry about all that alphabet soup. Exactly. Well this has been really helpful, Jill. Thank you so much. Thank you. 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