Perhaps you’re hearing a lot lately about the Department of Labor ruling that the fiduciary standard has to be used by advisors when working with Clients’ retirement accounts. I hope so. It seems there’s awareness at the highest levels about the appropriateness of some advisors’ recommendations; and that suitability to the clients’ needs, goals, and timeline are now important!

Many broker dealers and investment firms are rallying about how to work around this new ruling, and claiming the Obama administration is out to get them and put them out of business.

Department of Labor Secretary Thomas Perez said the new rule ensures that financial advisers will act in the best interest of their clients. Gone is the suitability standard and replacing it is a fiduciary standard. “Today’s rule ensures that putting clients first is no longer simply a marketing slogan, it’s now the law,” Perez said.

Although many professionals call themselves “financial planners,” only Certified Financial Planner™ professionals have completed extensive training and are held to the highest ethical and educational standards. CFP® professionals understand the complexities of the changing financial climate and will make financial planning recommendations in your best interest. No matter where you are in life, you’ll find confidence in working with a CFP® professional to evaluate your finances and develop a comprehensive plan for your financial future.

John Wasik, Forbes Personal Finance contributor says “The Department of Labor’s new conflict-of-interest rule on retirement advisers is a solid win for investors. Sellers of investment products have to tell savers how these vehicles will benefit them — if at all.”

He goes on to say that ”among the Four Biggest Winners under the new DOL Rule are – True Fiduciaries.

These professionals have been around for decades, although their numbers are small relative to the millions of salespeople employed by insurance companies and brokerage houses. Yet they’ve always operated as fiduciaries — legally bound to represent their clients’ interest first.

If you need a detailed financial plan on an ongoing basis, true fiduciaries can offer investment, insurance, tax, estate and life planning advice. They can set up lifetime financial or retirement plans and vet ways to finance long-term care, college and other financial goals.

Who are these true fiduciaries? They are Certified Financial Planners, (my emphasis) registered investment advisers, chartered financial analysts and even certified public accountants who specialize in personalized financial advice. They charge flat fees, hourly or as a yearly percentage of assets under management.

While these professionals may not always deliver the best advice, unlike brokers, you can sue them if they wrong you. They are a good place to start if you need comprehensive planning.”

I’ve been a CFP® since early 2005 because it felt like the right way to run a practice, and I want to be the very best advisor for my clients that I can be.