You may have assumed that the financial professional you've relied on to advise you on your retirement savings had your best interests at heart.
That was not always the case.
Individual investors have more than $24 trillion in retirement savings, including $7 trillion that's stashed away in Individual Retirement Accounts, or IRAs. A new rule announced Wednesday by the Department of Labor is going to change the way people get advice on how to invest that money, by holding investment professionals to what is called a "fiduciary standard."
Here are three important things you need to know: