The stock market may be a little bit bumpy in 2016 but it looks like those who are focusing on retirement saving can benefit during this same period. This is because the US Department of Labor is applying the final touches to what’s known as a fiduciary rule that means a lot for anyone who has an individual retirement account or 401(k).
This rule will alter the retirement advice business completely because it will mandate that insurance agents, brokers, banks and mutual fund companies all keep their fees low in order to protect your savings from excessive risk when you are receiving information about what to do next. One important thing to consider in relation to this regulation has to do with the case of J.P. Morgan Chase and Company. 
Right before the holidays, the biggest bank in the country agreed to pay more than $300 million to settle claims about advisors and brokers forcing clients into their own costly investment products over other options without making the required disclosures about this for conflict of interest.
According to those claims, J.P. Morgan additionally gave preference to hedge fund managers in a third party possession who paid placement fees for the market value of the client assets that were invested. It can put a drag on performance for the investor and ultimately hurt the investor tremendously, which is part of the reason this fiduciary rule is being considered to begin with.
Contact a New Jersey estate planning attorney today to get started with the planning process for your estate. Reach out to us at info@lawesq.net.