A new Department of Labor (DOL) rule could shake things up in the financial services industry. Some estimates predict a savings of over $40 billion by individual investors. The new rule is simple: retirement advisors must work in the best interest of the client and disclose any conflict of interests. Currently there are two standards that investment advisors must adhere to:

1. The Suitability Standard—only requires the investment product meets the need of the client.

2. The Fiduciary Standard—requires the investment product not only meets the need of the client, but is also in the best interest of the client.

Under the new DOL rule, most investment professionals giving actionable investment advice would now be held to the fiduciary standard. It will help eliminate any conflict of interest that arises from high-fee investment products.

Fortunately, at TCG our business model has always revolved around putting our clients first. We believe that it’s important to recommend the best performing, lowest fee investment possible to meet the client’s goals.

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