As of now, stock brokers have to put your interests before their own bonuses

WASHINGTON  — High fees. Conflicts of interest. Inappropriate investments.

The Obama administration is going after a host of perceived rip-offs with the new rules it’s unveiling Wednesday for brokers — the men and women who recommend investments for people looking to save for retirement. 

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Previously, brokers who sell stocks, bonds, annuities and other products were required just to recommend investments that were merely “suitable” for a client. 

They’ll now have to meet a stricter standard: They will be considered “fiduciaries.” That means they have to act in the clients’ best interests above all. Read more…