Biden goes after the financial advisers.
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This is interesting. Are we looking at the difference between brokers and fiduciaries here?
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Under the new proposed rule, all financial advisers giving retirement advice and selling retirement products would have a fiduciary duty to act in their clients’ best interests — rather than chasing the highest payday.
Good. This is not a new issue, and making financial advisors taking on fiduciary duties for their clients is a not a new proposal. Glad the Biden administration is treating this seriously by proposing concrete rules.
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I was a fiduciary. That's the way our contract was written.
We had sales goals, like everybody else. I'm proud to say I produced the most business ever, in my territory.
The rules are real simple, at least for me.
- Never lie to people.
- Don't confuse people on purpose.
- When considering retirement money, do the best you can, as safely as you can. Act like you're investing family money.
- Always emphasize investing is a long term strategy and panic trading is the worst thing you can do.
- Diversify, diversify, diversify.
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“Tens of millions of people across the country have invested their hard-earned money into retirement accounts,” Joanne Jenkins, CEO of AARP, a non-profit focused on issues affecting Americans over the age of fifty, said at the press conference. “They need to be able to trust their financial advisers to give them the advice that is solely and completely in their best interests.”
It's nice when the Democrats admit that. In other contexts, such as when Trump talks about the stock market, they say only rich people have skin in the stock market game.
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Republicans Move to Block 401(k) Rule
House Republicans advanced a measure to overturn the US Labor Department’s rule governing investment plan advisers that has been opposed by many on Wall Street.
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The Committee on Education and the Workforce voted 23-18 Wednesday in favor of the resolution brought under the Congressional Review Act. The rule, which would extend strict fiduciary standards to more retirement plan advisers, has drawn the ire of both congressional Republicans and business groups, particularly in the life insurance industry.
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Republicans Move to Block 401(k) Rule
House Republicans advanced a measure to overturn the US Labor Department’s rule governing investment plan advisers that has been opposed by many on Wall Street.
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The Committee on Education and the Workforce voted 23-18 Wednesday in favor of the resolution brought under the Congressional Review Act. The rule, which would extend strict fiduciary standards to more retirement plan advisers, has drawn the ire of both congressional Republicans and business groups, particularly in the life insurance industry.
…@Axtremus I would think that people would want anybody that has anything to do with their finances to have their best interests at the front.
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Life insurance = Annuities
I was always a fiduciary. I didn't think a licensed agent was anything but. Having said that, I went back and read the original article. They should worry more about investment fees and trading costs, than an extra paltry 1.2% return.
