We talked about this issue of the accountability standards for financial professionals some time ago (click here to get the background). Unfortunately, it seems that the big money and best interests of the large brokerages, banks, and insurance companies is turning the tide against the proposed fiduciary standard for all financial professionals.
The fiduciary standard has [...]
Posts under ‘fiduciary’
Coming Soon: No Change For the Financial Services Consumer If FatCats Get Their Way
401(k) – Good For Many, But Not Necessarily the Employee
Okay, the title might be a little misleading in regards to how I really feel about 401(k) plans… I do think that these plans are (or can be) good for a lot of folks, as long as they use them correctly and follow sound investing principles. But that’s not what this post is all about.
I [...]
What Can a Broker Do For You?
You have choices when it comes to investing. You can go directly to a mutual fund company (such as Vanguard or T. Rowe Price) and choose investments yourself, or you can use a fee-only financial advisor to assist you in choosing investments. But by far the most common method is to work with a broker. [...]
Independent Advice – The “Secret” Secret of Successful Folks
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In support of articles I’ve written here previously, the WSJ put out an article today that tells us “Investors Turn to Independent Advisers“. Apparently, folks are beginning to understand that the “broker” isn’t working in their best interest.
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“The reality is that the brokerage firms are set up for the brokerage of products,” says [...]
Hidden Costs to 401(k) Plans and Who Pays Them
I recently came across this article in WSJ that brought out some of the more interesting reasons that the 401(k) Fee Disclosure legislation is important… There are two bills under review, one in the House (HR 1984) and one in the Senate (S 401), which aim to improve disclosure of fees within 401(k) plans. These [...]
What Your Employer Has in Store For Your Retirement Plan
Yesterday, I read this article in the US News & World Report on changing trends that are anticipated with employer-sponsored retirement plans. There are some good things in store, as well as some things that don’t make a lot of sense. Keep in mind this was in response to a survey from Schwab, so the [...]
Independent Advice for Your 401(k)? Coming Soon. Maybe.
There is a bill coming up for vote in committee (House Education and Labor Committee) soon that proposes to address the issue of independent advice for your investing activities in your 401(k) plan. I wrote about this problem a while ago: in this post here and a little bit here.
The wonderfully-named Conflicted Investment Advice Prohibition Act [...]
Reasons #12 & #35 That You Might Need A Financial Advisor
Trying not to be self-serving with this – I am, after all, a financial advisor. The point of this post is to explain that, in spite of all of the negative press that folks in the financial advice-giving business have been receiving of late, there are still very good reasons to have an advisor on [...]
Fiduciary Standard for All Advisors?
There has been a raging debate going on in the financial advisory world. You see, there are two primary governing bodies for folks in the financial services business: the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). There are others, literally dozens, but these are the two primary governing bodies.
The Players
The SEC, [...]
Problems and (proposed) Solutions for 401(k) Plans
The 401(k) plan has been under a great deal of scrutiny lately, with quite a few proposals being offered to “fix” the system. Granted there are a few problems with the system that is in place, but the overall concept is still good. What follows is strictly my opinion of some of the real “problems” [...]
