The United Kingdom is moving to ban all commissions on investment products. While no similar move is planned here in the United States, there are some steps you can take to ensure that you don't get ripped on high-commission investments.

Britain has recognized that there's a conflict of interest when a financial adviser steers you to investments that net them high sales commissions. For example, salespeople steering you toward a variable annuity will earn commissions of around 10 percent. Yet if they suggest an index fund instead, there would be next to no commissions for them. It's very unlikely, therefore, that they'll recommend an index fund over a variable annuity!

So how can you protect yourself? Use fee-only financial planners where you pay for financial advice on an hourly basis. Remember, a fee-only financial planner earns zero commission from an investment vehicle he or she recommends.

Find a fee-only financial planner near you by visiting NAPFA.org, the National Association of Personal Financial Advisors.