Wall Street Doesn’t Like Obama Plan on Retirement Brokers’ Fiduciary Duty

By | May 27, 2015

  • May 27, 2015 at 1:25 pm
    Andy says:
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    I find it assuring that the head of the regulatory agency’s last name is Ketchum

  • May 27, 2015 at 1:53 pm
    Jack says:
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    • May 27, 2015 at 4:35 pm
      Agent says:
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  • May 28, 2015 at 3:43 pm
    JohnS says:
    Hot debate. What do you think?
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    I’m still struggling to understand what Obama’s fiscal policy has to do with applying the fiduciary standard to Wall Street and Insurance Agents.

    Frankly, when I went over to the agency side I was appalled at what insurance agents were doing with “suitable” products. In addition to selling the product with the highest commission, they sold stuff that was not appropriate under the fiduciary standard and to people with diminished capacity.

    Appropriately, insurance agents on the life side are considered unseemly characters.

    You should embrace the fiduciary standard and do the right thing for your customers.

    But hey, you probably don’t like these observations or discussion so go back to something irrelevant.

    • May 28, 2015 at 5:06 pm
      Mr. Mister says:
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      JohnS, Thank you for talking about the issue at hand and contributing to the conversation.

      Obama flame wars may be more fun, but are certainly less substantive.

    • May 28, 2015 at 5:19 pm
      Agent says:
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      • May 29, 2015 at 2:04 pm
        J.S. says:
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        Agent, your lack of reading comprehension skills are showing again.

        This article is about requiring agents who handle customers’ retirement accounts to “put their clients interest first.” It is Not about Dodd-Frank and it is NOT about Obama’s spending policies.

        And, since you don’t know any agents who don’t already conform to Fiduciary standards, you clearly understand the importance of using this standard and are fully in favor of the change, right?

        If you are not in favor of this change, please explain why not.

      • June 1, 2015 at 10:47 am
        That didn't take long says:
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        Obama flame wars couldn’t even take a 3 post break before being brought up again. Way to stay on topic

      • June 1, 2015 at 12:27 pm
        Ron says:
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        Agent,

        I know it is 100% on topic, but you should google “profits without propsperity” and read the article from the Harvard Business Review. Don’t be afraid to read something from one of those nasty Liberal universities. They are actually criticizing some of their own graduates.

        If you have a shred of understanding of finance and economics, you should gain a better understanding that the stagnant job market and wages is driven by corporate greed far more than government regulation. In particular, this article discusses what happens when regulations are lossened.

        Enjoy.

        • June 1, 2015 at 12:48 pm
          bob says:
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          I’m curious if you’ve read all the arguments on this, or just the liberal ones. It is somewhat ironic that in the same point as stating he shouldn’t be afraid to read liberal universities, you state in order to have a shred of understanding he must listen to liberal universities. This kind of shows your bias Ron.

          I will explain why. Are you aware of the counter Switzerland argument showing that the more you regulate corporate entities, the worse the pay of the employees in the corporation?

          Are you also aware that Obama himself said that small businesses are the source of most job growth.

          Estimates are varied as to what the actual percentages are, but here is a little research, as opposed to your links that tend to basically be theory and conclusion. Why don’t you look at percentages and make a conclusion yourself?

          So when I’m looking at this I think saying 50/50 would be a safe hypothetical. If that’s the case, corporate greed cannot possibly be fueling the stagnant wages. Small businesses clearly cannot pay more, and this means the corporations cannot possibly be stagnating wages more than limitations in general. While corporations do get more efficient than small business, you cannot expect for a corporation to be able to maintain that efficiency while you tax and regulate the hell out of them.

          A good regulation might be: X amount of the corporation’s profit gets mandated to wages. This is better than a tax or phony regulation to keep them in check. 90% of all those are fake. Only 2 internet providers are in my area, due to regulation. DHT was forced out of Oregon by regulation. Regulation is favoring either UPS or Fed ex via flight regulations. Anyone who passes a regulation on a type of business in government, ALWAYS let me repeat that ALWAYS let me repeat that ALWAYS has a hidden agenda to get a monopoly. We should not, will not, and cannot, pass regulations on types of business as a class without risking becoming an Oligarchy like Russia.

          • June 1, 2015 at 1:23 pm
            Ron says:
            Hot debate. What do you think?
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            bob,

            First, I agree with you on most of your points.

            One other thing to consider si how pay amongst larger corporations tend to be used as a benchmark for smaller buisinesses.

            Second, you said, “Are you aware of the counter Switzerland argument showing that the more you regulate corporate entities, the worse the pay of the employees in the corporation?” Then later in your own post you presented a counter to this statement.

            Thirdly, if you were to pay attention to my posts, with proper reading comprehension, you would know that I am not an advocate of all regulations and think many regulations could be eliminated or revised to be less burdensome on businesses. I believe there needs to be a balance between a total free-market system and some government invovlement. Neither could sustain an economy without the other. This is what we have had during the course of our county’s histroy, through all of our presidents, and it has served our country and economy very well.

            Finally, please advise what in my post inspired you to make the statement, “you state in order to have a shred of understanding he must listen to liberal universities”? I believe, based on many of Agent’s posts, that he has a cursory understanding of economics, at best. He may be an expert at running an insurance agency, but I believe that where it stops.

          • June 1, 2015 at 2:09 pm
            bob says:
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            In essence, you want the corporation to be 74% better at paying employees than a small business, and to magically support the other half of the population.

            You think they are greedy? Hell no. Hell #%@ing no. I’m tired of the class warfare from you and your liberal buddies.

            They pay more taxes. They are more efficient (otherwise despite a 74% disadvantage they wouldn’t be paying as much or more than small businesses with better benefits). And they can build the economy rather well.

            Very few corporations fall into the corporate greed category, and when they do, they are always in league with the government.

            Like green energy. Or Oligarchy type styles in Russia.

        • June 1, 2015 at 2:01 pm
          bob says:
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          • June 1, 2015 at 3:11 pm
            Ron says:
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          • June 1, 2015 at 4:11 pm
            Headache Central says:
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            Unreal bob. Ron agrees with your points and then you make post calling him boy and idiot and a liar and a hypocrite. You just gave me a migraine with your 180.

            Can we all just get along? No? Okay. Can you stop calling adults BOY and stop insulting people every chance you get?

            Challenge – try this out once and see how it feels. Instead of insulting me in a reply, how about you post a reply saying “I do not agree with anything you said, and I do not agree with how you said it, but we live in America and you have a right to your opinion” and then stop writing. Can you do that without throwing out any insults? I challenge you to write like an even-keeled and well-adjusted adult one time.

          • June 3, 2016 at 11:26 am
            UW says:
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            Honest question, are there multiple people posting with the name “Bob”? Because many of these statements directly contradict other statements, and combined these comments are outright delusional.

            For the real Bob, who posted an article proving nothing, 500 employees qualifies as a small company, your comment about making them pay 74% more would account for almost every business in the US, if you were to pretend it made sense, which it doesn’t. You are as blinded by your ideology here as you are when you deny, ignore, and lie about effective tax rates.

            When you whine constantly about class warfare, and then support 40 years of policies that have destroyed the middle class you are supporting class warfare. You have railed against unions, safety regulations, and now regulations requiring financial institutions to put the interests of their paying customers ahead of their own when giving advice. This did not spring from nowhere, it came about due to widespread fraud. You are all for class warfare, as long as people who aren’t born well off, don’t have connections, and are not in the upper classes cannot fight. You are nothing but a machine that regurgitates right wing talking points-not an original thought in your head.

            Here is an example of how those non-greedy corporations are doing so poorly and can’t afford to pay their fair share anymore.

            https://research.stlouisfed.org/fred2/series/CP

        • June 2, 2015 at 11:53 am
          Agent says:
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          Ron, I see that Bob cannot reason with you anymore than I have for the past 4 years. There is no doubt in my mind that government is responsible for most of the largesse in this economy. When you have a government who is taxing, spending, regulating unmercifully, passing the worst legislation in history(Obamacare), how are businesses supposed to react to it? Do you really believe that they should just bite the bullet and raise salaries of employees in the face of this crap? By the way, the Health carriers are ready to pass on more double digit rate increases to offset increased costs. Where is that savings of $2,500 for the average family?

          • June 2, 2015 at 2:14 pm
            Ron says:
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          • June 2, 2015 at 3:00 pm
            Agent says:
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            Wrong again Ron. The US has the highest corporate tax rate among all industrialized nations. Spending has not gone down. He has added more debt than all previous President’s in the history of the country. $10 Trillion in a little over 6 years. EPA has been churning out thousands of new regulations during Obama’s term. Obamacare has more than 10,000 pages of regulations since they passed the 2,700 page monstrocity. How do you explain the lowest labor participation rate since 1978 under Carter? How about that net 1.5%-2% growth in the economy? It should have been 4-5% by now. Your Progressive President and his minions are responsible. Every post you make, you dig a deeper hole for yourself and your father in law pegged you long ago.

          • June 2, 2015 at 4:57 pm
            Check my purse says:
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          • June 3, 2015 at 9:42 am
            Ron says:
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          • June 3, 2015 at 9:47 am
            Agent says:
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            Hey Ron, are you ready for the latest “whopper” told by the President you voted for twice?

            Yesterday at the White House, he said; “One of my core principles is that I will never engage in politics in which I’m trying to divide people”.

            He actually said it with a straight face. I am not sure who is a bigger liar, him or Hillary. It is very close between them.

          • June 3, 2015 at 11:51 am
            Ron says:
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          • June 3, 2015 at 11:55 am
            Ron says:
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          • June 3, 2015 at 12:03 pm
            Agent says:
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            Ron, since you cannot comprehend anything anyone posts and put your own liberal spin on it, allow me to clarify the spending issue. Obama has spent more than all previous President’s “combined” in the history of the country. When he came into office, the accumulated national debt was about $8 Trillion. Now, it is over $18 Trillion and at the rate he is going will be pushing $20 Trillion by the time he leaves office. He has managed that in less than 7 years. Spin your way out of that.

          • June 3, 2015 at 12:42 pm
            Agent says:
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            Ron, I answered you, but you don’t like my answer. Too bad. Why do you continue to try to justify your vote for the worst President in the history of the country? I think I would call that desperation. Expressing disappointment in some of Obama’s polcies is a milquetoast reply. You should be angry about his whole 2 1/2 terms and everything he has done to bring this country to its knees. Please name a policy or program he has done that is not scandalous, devious or lied about. How about that TSA as a good example? 96% failure rate to catch weapons on people boarding airplanes. Then, he comes out and says he is confident about the security of the country??????? He didn’t even fire the head of TSA, just re-assigned him. Hello! Can you say massive failure?

          • June 3, 2015 at 2:39 pm
            Ron says:
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          • June 3, 2016 at 11:43 am
            UW says:
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            Hey Agent, since you are so worried about growth, and particularly 3% growth, are you willing to say you will never vote for a Republican again since they have worse growth than Democrats, and an average under 3%?

            presidentialdata.org/gdp_growth-s.jpg

            Data from commerce department. Also, why specifically do you think US growth should be viewed purely in nominal terms instead of in comparison with the rest of the economies in the world? I ask not because I think you are completely ignorant on the topic, or stupid and clueless beyond belief, and ignoring this point which I have brought up numerous times, but because I want to be enlightened by the views you claim are superior and based on data and reality.

    • June 1, 2015 at 10:10 am
      Agent says:
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      So you were appalled at what agent’s were doing on the Life side John? Tell me, are you still on the agency side or did the agent let you go for lack of production? Why aren’t you appalled at the online or radio ads selling Life products for just a price? It is hardly any different than GEICO or Progressive.

      • June 3, 2016 at 3:29 pm
        UW says:
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        That is your response to his comment, Agent? You are a freaking idiot.

        I’m 100% sure you are an immoral broker. You don’t know anything, and whine about ads because they are your competitors. He made a sensible comment and your response is thst he got fired for not producing. You are trash.

        Go back to posting lies and right wing propaganda, because you know zero about insurance



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