Your financial adviser probably represents ...... your financial adviser

There is a multitude of types of financial advisers, working in a multitude of companies (banks, brokerages, insurance agencies, financial planning companies, etc.) using various combinations of commissions and fees.

Many are competent, many are honest, and many are fair. Many are not.

Most are not fiduciaries. 

Fiduciaries are held to the highest standards for dealing with your money. Most financial advisers are held to a lower standard, essentially a "suitability" standard.

There is plenty of bad advice to be had, and plenty of dishonest sales recommendations.

A case in point, high cost / mediocre return mutual funds, which are often not good quality but which provide higher commissions for advisers (this also hurts some 401(k) accounts).

The Obama administration is proposing regulations through the Department of Labor to create a higher standard in a retirement plans, a significant change. Problem is, the regulations may go too far, creating more problems than solutions.

We may go from too lax to too harsh, raising the costs of investment advice.

As always, buyer beware. Especially on 401(k) rollovers.