The fiduciary rule is officially dead

[wanaberetiree]

https://www.marketwatch.com/story/is...you-2018-03-16

Here you can see true colors !

[davebarnes]

I cannot get excited about this.
How many idiots, on this forum, use FAs? Two?

[wanaberetiree]

Quote:

Originally Posted by davebarnes I cannot get excited about this. How many idiots, on this forum, use FAs? Two?

I don’t this it would apply to using FAs only, would it?

[Scrapr]

Eddie Jones: Dammit...we should have held out longer on implementing Guided Solutions

[Oz investor]

i would accept FULLY DECLARED potential ( and actual ) conflicts ,
but my my previous brush with a FA , made me jump from the plane , while i still had a financial parachute .

i might be a fool , but at least i didn't pay extra for foolish advice ( so the cash has lasted longer ( wink )

[Just_Steve]

Quote:

Originally Posted by davebarnes I cannot get excited about this. How many idiots, on this forum, use FAs? Two?

Real nice.

[travelover]

Seems like Congress likes to hold you while the financial industry has its way with you, as you squeal like a pig.

[bingybear]

I look at DMIL and I see a place for a good FA. They acted like they knew what was going on, but she recently admitted that they just did what he wanted to do. But now she is loosing cognitive ability, I can see that many will hit a point where they need someone they can trust (and deserves that trust) just to manage their pills... as well as their finances. DMIL's FA is expensive, but he is not abusing her.

I think there is a place for good FA. It may just be a tad harder to find.

[braumeister]

[mod hat on]
Two things we frown on here:

• Posting a naked link without any explanation of what someone would see by clicking on it.
• Rude comments about others.

Let's try to avoid them, OK?
[/mod hat]

[bclover]

Quote:

Originally Posted by davebarnes I cannot get excited about this. How many idiots, on this forum, use FAs? Two?

with all do respect, yes I maybe one of the two but NO I am not an idiot and I do take umbrage to you calling me one.

Thank you.

[Dtail]

RobbieB uses an FA and is certainly no idiot and adds much value to this forum.

[Nemo2]

Quote:

Originally Posted by bclover with all do respect, yes I maybe one of the two but NO I am not an idiot and I do take umbrage to you calling me one. Thank you.

Now, in all fairness, the OP may have previously categorically determined that we're all idiots on here and is simply attempting to identify which idiots do and which idiots don't.

(I won't mention eggcorns.)

[corn18]

My one brush with an FA was very positive. He was recommended by a friend. I didn’t feel we needed one but my wife asked why not talk to him? So I did about 2 months ago. The best part was talking to him with my wife there. We yammered on for an hour about all aspects of financial planning and I found it quite invigorating to talk to someone in person. Not once did he try to sell me anything. His comment was I knew more about this stuff than most FAs. We thought about hiring him in case I die and my wife needs help but felt the 1% AUM fee was not worth the peace of mind. But, if I didn’t want to take the time to DIY my finances, I would hire this guy in a heartbeat.

[kcowan]

Quote:

Originally Posted by Dtail RobbieB uses an FA and is certainly no idiot and adds much value to this forum.

Yes I think we can agree that Robbie is not an idiot. Some people have no interest nor aptitude for finances and have enough buffer to absorb the extra expense.

[Lukeee]

Quote:

Originally Posted by braumeister [mod hat on] Two things we frown on here: Posting a naked link without any explanation of what someone would see by clicking on it. Rude comments about others. Let's try to avoid them, OK? [/mod hat]

all I know is I woke up this morning and googled ‘see someone naked.’ and it brought me back here.

[bclover]

Quote:

Originally Posted by Nemo2 Now, in all fairness, the OP may have previously categorically determined that we're all idiots on here and is simply attempting to identify which idiots do and which idiots don't. (I won't mention eggcorns.)

lol, well I guess I'm in good company.

[street]

The Fifth Circuit Court of Appeals, based in New Orleans, vacated the fiduciary rule in a 2-1 decision, saying it constituted "unreasonableness," and that the Dept. of Labor's implementation of the rule constitutes "an arbitrary and capricious exercise of administrative power."

I understand the concern about this but how do you know if the untrusted haven't been operating all this time anyway while the Fiduciary Rule was in place. Not everyone is a crook and if they are they will not be in business long. If you use a FA need to ask a lot of questions and get things in writing.

There still is laws in place to hold bad people and businesses responsible.

[Which Roger]

Salespeople in all industries give "advice". Think of the so-called "service advisor" when you take your car into the dealer. The less-informed customer is the more vulnerable customer. The stakes may be higher with financial planning, but I don't think it's inherently different from other industries.

[ShokWaveRider]

The problem with this is those who want, and can justify annuities (Low Fee) HAVE to deal with an intermediary to buy them, if the folks that sell them are not bound by the Fiduciary Rule they will be open to exploitation. This is Not a good judgement. But back to the "Buyer Beware" model.

[Which Roger]

An unintended consequence of the new rule would have been increased costs (due to having to show compliance) for companies like Vanguard that are already doing the right thing.