The Labor Department has promulgated new administrative rules requiring financial advisers (when acting as fiduciaries) to act in the best interest of their clients who are saving for retirement. Tara Siegel Bernard has a QA on the Business Day section of the New York Times today, April 7, 2016, link. The rules start going into effect in April 2017 but must be fully in place by 2018.
This rule could certain affect a lot of seniors who went into the financial planning business (which I was “invited” to do by declined).
In other news, there is a lot of pressure from lobbyists not to let Puerto Rico declare bankruptcy ("Super Chapter 9") or have a bailout, and the territory has said it will need a moratorium and can miss its next payment. This could affect retirement funds holding their debt. Lobbyists have warned that some states (like Illinois) could follow suit, but there would be considerable legal bars to that happening. Any solution, some portfolios could be affected. Seniors depend on bond holders paying their debts.