In early June the first wave of the Department of Labor’s fiduciary standard went into effect. The rule requires professionals providing advice on retirement accounts to act in the best interests of their clients. In theory it sounds great but for it to be effective the public must know who is/isn’t a fiduciary . . [...]
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The sad reality is that financial planning for some means spending 6 hours finding the best Black Friday deal on an 85” TV vs. the 5 minutes spent understanding where they obtain financial advice. (That’s not true. I spent 10 minutes one rainy Sunday comparing my fund returns to the S&P 500 just like that [...]
The recent release of the “fiduciary rule” from the Department of Labor is being hailed as a boon to consumers. Conflicts of interest in the retirement advice industry are supposed to be a thing of the best. But will they be? Many consumers seek guidance from a brokerage firm. You know them well – Morgan [...]
Earlier this week the Department of Labor (“DOL”) released new rules aimed at ensuring providers of retirement investment advice adhere to a fiduciary standard – that is, to put the best interests of clients first and above all. This may seem like an obvious point but as we wrote here many investors have no idea [...]
Much confusion exists in the minds of consumers about who in the financial services world is a fiduciary. Currently the product-pushers are lavishing ungodly sums of money upon Washington as their army of lobbyists seeks to water down or eliminate a uniform fiduciary standard. And these are the people who claim to be looking out [...]
Can someone selling a product be looking out for the best interests of his/her customer? One’s individual intentions are irrelevant. What’s inherent in the business model is what drives behavior. MorningstarAdvisor provides this article explaining rather clearly how consumers of financial advice must take caution in determining where they get their information and the motives/incentives [...]
In our Sept 15th post we referenced an article highlighting the public's confusion over fiduciary standards. A new survey supports the idea that a single standard is warranted. Consider these findings from a recent Infogroup/Opinion Research Corp survey: 91% believe brokers should follow the same fiduciary standards as investment advisers 96% believe insurance agents should [...]
So who is and isn't looking out for the best interests of clients? Think it's your stockbroker? Three out of four Americans think so. Three out of four Americans are wrong. Find out more here.
Should a financial relationship be about doing what’s right or feeling good? The former, right? Not so fast. A survey by index zealots DFA found the #1 thing valued in receiving financial guidance is a “sense of security / peace of mind.” Not that that’s a bad thing of course but at 35% of respondents [...]
Yesterday JPMorgan Chase & Co announced it sent some wealth management customers letters notifying them that they will be moved to the firm’s self-directed platform ahead of a pending Labor Department retirement regulation. Following their product-pushing brethren (banks, brokerage firms and insurance companies) it’s the latest move that puts themselves ahead of their customers. For [...]