When you receive medical treatment, you know that your doctor has taken a sworn oath to consider your best interest. The same goes for a lawyer. But believe it or not, financial advisers operate under no such commitment, even though they hold your precious, hard-earned nest egg in their hands.

In fact, conflicted financial advice -- where advisers put their own interests ahead of their customers' interests -- costs Americans who are saving for retirement some $17 billion a year. This has to change, especially as the retirement landscape shifts and fewer Americans have the fallback of a defined benefit pension.

That's why earlier this year, the President announced he was taking action to enshrine a basic principle: that financial advisers should always put their clients' best interest first.

Under the current system, most financial professionals are trying to do the right thing. But they are often allowed to recommend the investment option that is best for their own bottom line and not necessarily the client's portfolio through what's called a "suitability" standard.