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Old 04-07-2016, 02:00 PM   #41
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I thought the copy of this email I received from the CFP board was interesting. Perhaps the only voice from the industry (besides NAPFA, of course) saying it is a good idea.

CFP Board, along with our partners in the Financial Planning Coalition – Financial Planning Association and National Association of Personal Financial Advisors – have been supportive of the DOL's efforts to update this 40-year-old rule. The Coalition's support for the DOL rule is consistent with our longstanding support for fiduciary-level advice in financial services and our collective belief that financial advice should be delivered to the public with fiduciary accountability and transparency, always serving the client's best interests.
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Old 04-07-2016, 03:25 PM   #42
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More of the push to separate order fulfillment from the advice process. I think that is the solution, no broker, all orders placed over the web. Then if you want advice you can get it separately. If you think about it there is no reason for the two things to be combined except for the purpose of selling things. Now it does mean that lots of brokers would have to look for other employment, since order taking issues are a small part of the business.
Then you have the possibility of silicon based financial advisors where the variable cost of a new client is close to zero.
Now of course as most here know today one must be paranoid about FA's advice since it is really about how they buy their yachts.
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Old 04-07-2016, 04:57 PM   #43
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Well, Sarah had to sell her yacht. I guess that proves she's an honest FP.
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Old 04-07-2016, 07:46 PM   #44
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Quote:
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Well, Sarah had to sell her yacht. I guess that proves she's an honest FP.

Damn it! You are right! But it was a 1976 Trawler, and I used the money to fund driving the bus around the world.

I'd make a terrible stock jockey. I just don't have the killer instinct.
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Old 06-12-2016, 08:21 AM   #45
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Evidently the fiduciary rule is facing lawsuits and is the subject of congressional legislation that received a presidential veto.
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Old 06-12-2016, 08:26 AM   #46
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I am not even remotely surprised.
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