|
fiduciary rule - (non-partisan re-post)
02-07-2017, 11:10 AM
|
#1
|
Full time employment: Posting here.
Join Date: Apr 2010
Posts: 717
|
fiduciary rule - (non-partisan re-post)
White House memo confuses Wall Street on fate of fiduciary rule | Reuters
Why would not we want to have this rule?
BTW: Bob Brinker (who I regard highly) is puzzled by reverse.
__________________
The problem with the world is that the intelligent people are full of doubt, while the stupid people are full of confidence.
(Charles Bukowski)
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
02-07-2017, 11:18 AM
|
#2
|
Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,140
|
< mod hat on >
Please keep the discussion limited to the impact/effect of this executive order... and not based on the politics or politicians involved!
< / mod hat >
< rodi hat on >
I don't know why you would not want a fiduciary relationship with your financial advisor.
Most of us here are hyper focused on fees and their impact on the long term returns... But there are plenty of folks who think "their guy" (FA) has their best interests in mind when they sell them a variable annuity or put them in high load funds with high expense ratios.
I keep talking my BIL out of buying crappy annuities... he wants safety - but when I dig through it and point out the fees (very hidden and hard to find) and the surrender charges... he (so far) backs out... but he still thinks "his guy" is a great guy who wants the best for BIL.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
|
|
|
02-07-2017, 11:28 AM
|
#3
|
Full time employment: Posting here.
Join Date: May 2013
Posts: 756
|
Quote:
Originally Posted by wanaberetiree
|
The executive order is a REVIEW of Dodd-Frank and the associated regulations. The only people that have insinuated that the fiduciary rule is going away is the biased media.
I am pretty darn sure that it will stay in any REVISED set of regulations, much like the pre-existing conditions part(s) of the ACA will remain in any new HC package.
__________________
Believe me, my young friend, there is nothing - absolutely nothing - half so much worth doing as simply messing about in boats. ― Kenneth Grahame, The Wind in the Willows
|
|
|
02-07-2017, 11:58 AM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
|
The fiduciary rule came out way after Dodd-Frank was passed.
__________________
Retired since summer 1999.
|
|
|
02-07-2017, 12:00 PM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,194
|
Quote:
Originally Posted by FIREmenow
The executive order is a REVIEW of Dodd-Frank and the associated regulations. The only people that have insinuated that the fiduciary rule is going away is the biased media.
I am pretty darn sure that it will stay in any REVISED set of regulations, much like the pre-existing conditions part(s) of the ACA will remain in any new HC package.
|
Actually, I just went to read it and there is a separate review of the fiduciary rule... it is a memorandum...
https://www.whitehouse.gov/the-press...iary-duty-rule
Sometimes what we read and hear is not correct, but sometimes it is...
We will see what happens after the review.... I think it does not cause a problem... and it should go into effect....
|
|
|
02-07-2017, 12:06 PM
|
#6
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
|
My broker takes the fiduciary rule very seriously. My account has been reclassified 3 times (with my approval) so that it fit the proper definition.
|
|
|
02-07-2017, 12:08 PM
|
#7
|
Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,140
|
There is a good discussion of the ins/outs legalities of the executive order and the memo on the fiduciary rule.
President Trump Signs Executive Order Establishing āCore Principlesā of Financial Regulation and Addressing the DOL Fiduciary Rule | The National Law Review
This National Law Review article concludes, to paraphrase, "who knows but no immediate change":
Quote:
Commentary regarding the Order indicates that insiders think this Order will result in the implementation of the Rule being delayed and that the Rule ultimately will be rescinded by a subsequent rule. Others believe complete rescission is unlikely for a rule that is advertised as protecting the American investing public. In any case the process will take time.
|
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
|
|
|
02-07-2017, 12:09 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,127
|
A reminder that I like being my own advisor.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
|
|
|
02-07-2017, 12:10 PM
|
#9
|
Full time employment: Posting here.
Join Date: May 2013
Posts: 756
|
Quote:
Originally Posted by easysurfer
A reminder that I like being my own advisor.
|
Yes, but do you have fiduciary responsibility for yourself?
__________________
Believe me, my young friend, there is nothing - absolutely nothing - half so much worth doing as simply messing about in boats. ― Kenneth Grahame, The Wind in the Willows
|
|
|
02-07-2017, 12:11 PM
|
#10
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2008
Posts: 13,127
|
I may have to check and see .
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
|
|
|
02-07-2017, 12:12 PM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
|
Quote:
Originally Posted by FIREmenow
The only people that have insinuated that the fiduciary rule is going away is the biased media.
|
Prediction: this thread will not make it past page 2.
__________________
Numbers is hard
|
|
|
02-07-2017, 01:06 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
|
In before Porky...
Couldn't find it, but a recent article (CNBC?) seemed to imply "Wall Street" support for not implementing this, but several companies implemented parts of it internally, and are said to have no plans to loosen the rules.
__________________
Have Funds, Will Retire
...not doing anything of true substance...
|
|
|
02-07-2017, 01:13 PM
|
#13
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
|
Many fund companies didn't want it as they count on sales from advisors. Many insurance companies didn't want it as their variable annuities would be impacted. Most advisors didn't want it as they were going to have to do business different.
Many individuals who think an advisor adds value didn't think they wanted it. Seems like the folks who wanted it were already aware of snake oil salespeople.
|
|
|
02-07-2017, 02:38 PM
|
#14
|
Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,518
|
The Fiduciary Rule is under review by the DOL, and to date no specific proposals have been made. When measures are announced for consideration or review we can assess and discuss the impact on early retirement. Until then any discussion is speculative, and while political speculation is interesting, it is not something we encourage on a non-political forum like e-r.org
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|