The Biden administration has implemented a new regulation aimed at ensuring that financial advisors prioritize the best interests of retirement savers. This rule expands the scope of situations where brokers and intermediaries must act as fiduciaries, legally obligating them to provide advice that prioritizes the client’s financial well-being. The regulation also addresses conflicts of interest in two major areas of advice: rollovers from 401(k) plans to individual retirement accounts and the purchase of insurance products like annuities. This measure seeks to address concerns that certain financial professionals may recommend transactions that benefit them financially but may not align with the client’s best interests. The Labor Department estimates that Americans lose up to $5 billion annually due to conflicts of interest related to one insurance product, indexed annuities.