The U.S. 5th Circuit Court of Appeals recently rejected the Department Of Labor's fiduciary rule, which aimed at stopping retirement account transfers that are benefiting advisors and firms at the expense of the client. Now the financial regulatory agencies are scrambling to write a replacement rule. What does this mean for you?

Some things won't change with a rule. It's your money. You can always do whatever you want with it. If I were your advisor, and you told me to transfer the money between retirement accounts, I would say, "Yes, ma'am/sir," and do it. Also, nothing stops someone from educating you on your consumer options. "Education" meaning unbiased, comprehensive information that does not spin to benefit me as your advisor.

On the other hand, if I suggest, recommend, or pitch that you should move your retirement assets to me, then I believe a rule will have me document why the move is in your best interest. Chances are, you will have to sign some sort of official paperwork vindicating my action.

My personal/professional opinion: Little of this really matters. Financial products and services are so personalized and complex that advisors and firms will find a way to justify an account transfer. I can imagine situations where something wrong is suggested, yet it will be skillfully pitched to seem valid.

Too much money is on the line in the retirement account transfer business to stop bad transfers. Besides, who's to say what's bad? What appears bad to some might be appropriate for the client - or not.

By the way, I gave up my practice when I came to work for MOAA. Caveat emptor.