15 questions to ask to make sure your financial adviser is working in your best interest

On Wednesday, the US Department of Labor announced a new fiduciary rule, which will require investment advisers to put client interests above their own when it comes to overseeing retirement accounts.

For investments other than retirement accounts, it's important to know that every financial adviser isn't required to always act in your best interest. Conflicts of interest such as products that carry higher commissions can influence an adviser's advice unless they're acting as a fiduciary, meaning they must recommend products and strategies that are in the client's best interest.

"When you think about it, it's amazing how much control financial advisors have over our lives," writes Liz Davidson in her book, "What Your Financial Advisor Isn't Telling You." "Choose one who is actually a criminal, and it is possible to lose your entire nest egg."

That being said, you shouldn't write off financial advisers completely. "To completely eschew using an advisor can be as big a mistake as picking the wrong one," Davidson says. "When you need financial advice, they can be a tremendous help - it's just a matter of finding the best one for your situation (and being able to spot the Bernie Madoffs of the world before you hand over your life savings)."

To help you sniff out the good from the bad, we rounded up 15 questions to ask prospective advisers, from the Department of Labor's guide for consumers on how to tell if your adviser is working in your best interest.