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Do you on the right support Trump slashing

Posted: Mar 21, 2017

This is about your investments too. Why would Trump try to get rid of a rule set to go in place that would protect investors?

;

I think the reason is obvious - Resist Trump

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Those who would benefit from this are a wealthy group with political clout.

It should be called an ERISA pension money manger's best interest - rule, NOT client's best interest rule.

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Actually, I believe millions of ERISA pension money is going to end up in the trial lawyers pockets. Department of Labor Fiduciary law suits are lining up.

I wish he would push to change the Great Depression era - law that started this fixed fee nonsense.

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There should be no fees and certainly no fixed fee as a percentage of portfolio size — this gives NO incentive for the investment professional to earn money for their client — just find the rich and ignorant (elderly often) clients and kick back and retire early. They should ONLY get paid when they make money for their client, as before the “Great Crash”. For example, for every percent you can beat inflation and taxes, you get a fixed percentage of the net capital gains. I have yet to meet a financial adviser who would be comfortable with this, they love getting a fixed percentage of your assets regardless of how your portfolio performs.

As for why Trump is delaying this for 6 months, I will have to do a little research first so I can talk intelligently about it and not have an emotional reaction about something I need to educate myself on.

The writer totally misrepresents the facts around the fiduciary rule. - Some of the delay has to do with the 4% rule.

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Most financial advisers I know don't really care about the Department of Labor rule ... because they were already conducting business that way before the rule was adopted.

Can you provide a source? - nm

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xx

If your having income depends on the growth of a portfolio, you have an - incentive to not lose money and promote

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growth. Most advisers are up front about their fees.

I don’t understand the problem with the intent of the rule. Advisers should be fiduciaries—otherwise they are predators.

However, I wonder how much of a hassle and expense it is to PROVE compliance with the rule. Is that the problem?

Further, if an adviser really abuses a client, there’s always the court system. How does the regulatory system fit in here, except to give the adviser’s auditors more to complain about?

The devil is in the details.

Current law requires fact-based proof of wrong doing. - That's already the legal standard.

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The review is just to see if this is another case of lawyers creating regulations.

The U.S. Chamber of Commerce and Americal Council of - Life Insurances have sued to try

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to block it. I don't know why.

I haven't researched it - Burt the Cat

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but I suspect a lot of it has to do with annuities. If you've seen the ads on TV which are anti-annuity everything stated is true in my experience. The salesman makes a huge commission, the insurance company can change the strategies at any time and it takes years to get out of them without paying a penalty.

Hubby went to our broker yesterday (Edward Jones) due to - this new rule and the worry about

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keeping it to a T, they are going to get rid of the 3-5% ONE TIME cost to invest with them, and are going to charge 1.35% a year EVERY YEAR... That's about 40% over 30 years instead of 3-5% (of a smaller amount)...

HORRIBLE result of the bill....

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