New Obama rule goes after shady financial advisers

The Obama administration issued a new rule requiring retirement advisers to always act in the best interest of their client

Currently, it's legal for an adviser to suggest a client invest in one fund over another for their own personal gain.

"It's pretty obvious if people are expecting financial advice, they should be able to count on the fact that it's going to be real advice to help improve your situation," said Bill Harris, the CEO of Personal Capital and former CEO of PayPal.

According to the Obama administration, higher costs and lower returns cost Americans $17 billion a year.

Read more from CNNMoney.