Some Advisers Err in Thinking They Won’t Be Affected by New Rule

Some financial advisers who are already required to act in their clients’ best interests think they won’t be affected by the coming Labor Department rule toughening standards for retirement-account advice, say lawyers, consultants and other experts on the new regulation.

But that isn’t true, these experts say, because the Labor Department’s approach to “fiduciary duty” is different from the current rules for registered investment...