New rules that will start taking effect next year will require financial advisors and institutions to act in your best interest when they suggest investments for your IRA. The rules, announced Wednesday by the U.S. Department of Labor, have been the subject of intense lobbying by insurers and financial advisors.

Ballard Spahr Attorney Robert Kaplan, who works in fiduciary compliance, said while industry lobbying did weaken the rule slightly, he thinks the rules will serve to both drive down IRA fund fees and will result in more people staying in former employers' 401(k)s.