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Old 02-23-2015, 11:22 AM
 
Location: Idaho
4,625 posts, read 4,466,840 times
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From the Miami Herald

Obama to announce retirement account change | The Miami Herald The Miami Herald

Mandating that retirement financial advisers hold fiduciary responsibility for their clients. I can support that.
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Old 02-23-2015, 12:10 PM
 
Location: Sugarmill Woods , FL
6,235 posts, read 5,901,687 times
Reputation: 13647
Quote:
Originally Posted by volosong View Post
From the Miami Herald

Obama to announce retirement account change | The Miami Herald The Miami Herald

Mandating that retirement financial advisers hold fiduciary responsibility for their clients. I can support that.

As well they should. Watch the rats flee the sinking ship!
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Old 02-23-2015, 12:16 PM
 
Location: NC
6,555 posts, read 7,977,981 times
Reputation: 13460
So what has been happening up until now? Have they not been behaving responsibly?
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Old 02-23-2015, 12:17 PM
 
Location: Central Massachusetts
4,800 posts, read 4,847,776 times
Reputation: 6379
Sorry to feel skeptical but anything thing that president has said he will make better has just failed. Please don't let him screw around with this too.
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Old 02-23-2015, 12:19 PM
bUU
 
Location: Georgia
11,881 posts, read 8,661,852 times
Reputation: 8401
The fact that we have to take action to force "advisers" to act in their client's best interest is yet another troubling indicator that deregulation of the financial industry has been indefensibly exploited with impunity.
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Old 02-23-2015, 01:27 PM
 
48,516 posts, read 83,932,349 times
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Its all in details. Seeing SS I wouldn't say it done much for those invested.Its been a he spending program for government. In fact it would be a illegal trust if not government.
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Old 02-23-2015, 01:36 PM
 
Location: Great State of Texas
86,093 posts, read 72,507,006 times
Reputation: 27565
The best person to take care of YOUR MONEY is YOU.
And if you don't know about investments then you need to take it upon yourself to learn about them before you retire and have a boatload of money that you now need to manage.

All during my working years I came upon countless number of folks in my company that had no clue about investments and stuck all their 401K money into whatever the newsletter told them.
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Old 02-23-2015, 02:30 PM
 
Location: in the miseries
3,302 posts, read 3,579,794 times
Reputation: 3810
I agree with Happy Texan.

Re. Take care of your own money.
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Old 02-23-2015, 03:40 PM
 
Location: Portland, Oregon
10,005 posts, read 16,668,282 times
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I gather that one aspect of the proposed law requires financial advisors to clearly disclose the amount of money they receive as a result of their recommendations. I think that would be eye-popping for many.
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Old 02-23-2015, 03:58 PM
 
Location: Central Massachusetts
4,800 posts, read 4,847,776 times
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I am pretty sure I know that the prospectus tells the story. If a person gets a 401k or any other investment, I know it comes with it. So why does anyone think the federal government will do a better job. Don't we have enough intervention in our lives?
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