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August 22, 2016
At the supermarket, shoppers receive detailed receipts of their scanned and bagged items. After restaurant meals, wait staff hand diners itemized bills. But call out “Check, please!” to a financial services provider and the result might be a rundown of cryptic line items — 12b-1? Expense ratio? Or a passing reference to Part 2 of Form ADV.
Thanks to a new fee-disclosure rule from the Department of Labor, financial pros who offer retirement advice will have to disclose all costs associated with their services and products beginning in April.
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