The word ‘fiduciary’ is unfamiliar to most. In simplest terms, a fiduciary is someone who works on behalf of a client with their best interests in mind. The reason it hasn’t had much mainstream attention is because, to date, financial planners have not been required to operate as fiduciaries. But that is all about to change. A new standard was recently approved by the Department of Labor (DOL) requiring all financial planners to act as fiduciaries when advising on retirement accounts.