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Old 04-18-2015, 10:40 AM
 
1,974 posts, read 2,725,789 times
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Everything is going to further the inequality income gap, for the present and probably for a long time in the future.

But the other tragedy is that we're just letting it happen. On the other hand, a population revolution is no match these days for 'the forces that be' on the other side.

Even voting doesn't help. The Boston Globe -- The Boston Globe! -- ran a lengthy piece recently about how voting (president, senatorial, house of reps -- and even local government) is a big lie and joke. (It's been so long since I voted for anyone or anything that I can't remember when I last did -- because I believed that it doesn't matter, and I still believe that way, only more so now.)

I don't know what the answers are. I do know that if things remain as they are, give or take a little, I'm all right for the next 15-20 years. If things get worse -- and they easily could -- well, I'll cross that bridge when it comes up.
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Old 04-18-2015, 10:55 AM
 
Location: Durham NC
1,190 posts, read 1,298,171 times
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Quote:
Originally Posted by Fran66 View Post
Maybe the only 'safe investment' is gold bars and silver coins/bars that we are in possession of. But then we're back to: what happens if our house is burglarized -- oh, I suppose we could buy a heavy-duty safe.
Good luck selling.
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Old 04-18-2015, 11:11 AM
 
29,782 posts, read 34,880,403 times
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Quote:
Originally Posted by Petunia 100 View Post
This isn't about risky investments, it is about high fees and inappropriate investment vehicles. If this law passes, "advisors" will no longer be allowed to sell the uneducated an annuity for their IRA, and other similar underhanded things which primarily benefit the "advisor" to the client's detriment.

I think it is high time.
From the link and it is also in other articles.

Quote:
But the proposed rules address that concern by allowing commissions and transaction-based fees as long as the adviser and the firm meet certain criteria. They must acknowledge their fiduciary duty in a written contract with the client. Fees must be in line with industry norms. A firm’s policies cannot be at odds with the adviser’s fiduciary duty; for example, the firm cannot run contests that would give the advisers an incentive to steer the clients into higher cost investments. The proposed rules put forward the kinds of assets that commission-based advisers can recommend and those that would be off limits because of their high fees, risks and complexity.
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Old 04-18-2015, 11:18 AM
 
71,669 posts, read 71,801,099 times
Reputation: 49257
Quote:
Originally Posted by Petunia 100 View Post
This isn't about risky investments, it is about high fees and inappropriate investment vehicles. If this law passes, "advisors" will no longer be allowed to sell the uneducated an annuity for their IRA, and other similar underhanded things which primarily benefit the "advisor" to the client's detriment.

I think it is high time.
actually other new laws recently passed will make annuities bought through an ira exempt from rmd's. this could be very interesting as far as planning now.
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Old 04-18-2015, 11:27 AM
 
29,782 posts, read 34,880,403 times
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We already have Accredited Investor Status that locks most people out from higher return/risk investments. In summary to become certified you need multiple years of 200K income and current investments in excess of one million. There are efforts to raise that to 2.5 million. Will we see a new lower threshold status to block investments from more people because of risk? Will anyone with $2,500 still be able to buy Fidelity Select sector funds or sector ETF funds? What happens when a person loses money and the inevitable legal tv ads appear to solicit law suits to recover. How long before the only safe investment to recommend to most people is government debt? Will there be a literacy threshold for many current investments. Will Emerging Market investments be limited thus keeping more money in the United States? Fees yes we need to be protected from in many cases but risk? Will we be headed down the road of financial literacy testing to establish investment risk thresholds?
Active investors understand risk and reward. Should they be restricted because of someone else's lack of experience just because of their income level? Sometimes just sometimes fees come with expertise and not just profit motivation. Example right now is international investing and the fees associated with. There are international funds with low fees and those with high fees. Some foreign markets have been on fire but American investors are not realizing that full profit. Not because of fees but because of the currency their funds are trading in. If trading in dollars profit is loss in the exchange. If trading in other currencies not necessarily. However those funds that also hedge have higher fees and expenses because of cost and the expertise needed to manage it. So will everyone have equal access to the different complexities of investing?

For anyone interested in Accredited Investor status:
https://www.law.cornell.edu/cfr/text/17/230.501

Last edited by TuborgP; 04-18-2015 at 11:44 AM..
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Old 04-18-2015, 11:40 AM
 
Location: SW MO
23,605 posts, read 31,497,588 times
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Quote:
Originally Posted by Fran66 View Post
And that's fine -- until your house burns down or is burglarized.
One word: "Insurance." House burns down we come out ahead. As for the burglars, hopefully we'll be home. I love the smell of cordite in the morning.
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Old 04-18-2015, 11:44 AM
 
Location: SW MO
23,605 posts, read 31,497,588 times
Reputation: 29076
Quote:
Originally Posted by Fran66 View Post
And that's fine -- until your house burns down or is burglarized.
One word: "Insurance." House burns down we come out ahead. Hmm! As for the burglars, hopefully we'll be home. I love the smell of cordite in the morning.
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Old 04-18-2015, 11:46 AM
 
29,782 posts, read 34,880,403 times
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Quote:
Originally Posted by mathjak107 View Post
actually other new laws recently passed will make annuities bought through an ira exempt from rmd's. this could be very interesting as far as planning now.
Courtesy of the insurance lobby which is very powerful and a thorn in the side of 403B investors. Talk about profit taking and these are the same regulators bringing more to your door step. Yes MJ I know not all annuities are the same but talk about a complex product line and the fleecing of the unknowing. And these are the same regulators?
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Old 04-18-2015, 11:56 AM
 
1,974 posts, read 2,725,789 times
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Quote:
Originally Posted by lancers View Post
Good luck selling.
We wouldn't be able to sell -- but it could come in really handy for bartering/trade.
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Old 04-18-2015, 11:59 AM
 
71,669 posts, read 71,801,099 times
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Quote:
Originally Posted by TuborgP View Post
Courtesy of the insurance lobby which is very powerful and a thorn in the side of 403B investors. Talk about profit taking and these are the same regulators bringing more to your door step. Yes MJ I know not all annuities are the same but talk about a complex product line and the fleecing of the unknowing. And these are the same regulators?
Extremely complex ,I agree .but for those who can evaluate what they are buying this new rule can make for some interesting combos exempt from rmd's
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