Federal regulators are, yet again, trying to ensure that financial advisors are putting investors' needs first when they recommend certain financial products or give investment advice.

Currently, if you work with a financial advisor, he or she may recommend investments that are suitable for you. Which can be fine, but a suitable option may not be the very best financial choice for you. So why not recommend the best? Some advisors might financially benefit from recommending a slightly more expensive investment.

This behavior isn't against the law, yet it affects a lot of Americans. Approximately 43 million American households have a retirement or brokerage account, and research compiled by the Obama administration estimated this type of conflicted advice costs Americans $17 billion annually.

The U.S. Securities and Exchange Commission — which oversees financial markets, investment companies and investors — wants to change that. The agency's commissioners voted 3 to 1 on Wednesday to roll out new rules that would, among other things, require financial firms and professionals to act in the best interest of their retail customers, putting investors' needs above their own.

"This action is long overdue," SEC chairman Jay Clayton said Wednesday. The rules aim to "enhance the quality and transparency" of the relationship between investors and their financial advisors, he added.

But critics of the new rules say they don't go far enough. SEC commissioner Robert Jackson blasted the rule-making, calling it "unclear" and "weak mix of measures." "Rather than requiring Wall Street to put investors first, today's rules retain a muddled standard that exposes millions of Americans to the costs of conflicted advice," Jackson said.

Whether or not the rules work to safeguard investors as the SEC intends, consumers cannot relax and simply trust that their financial advisor is always giving them the best possible recommendations. You need to ask questions, research your options, and perhaps even seek a second opinion.

The new rules will into effect this summer, but the SEC has built in a transition period for firms to comply with the new standards that lasts through June 2020. In the meantime, if you are looking to work with a financial advisor, or want to change to a new one, here's where to find professionals that already put your needs first.