I was in the financial planning industry prior to the insurance industry and I believe this regulation, or at least something very much like it, is long overdue.
We would see clients who were about to retire come in to have us review their accounts after entrusting it to a broker for the last 40 years. Their account values would sometimes be at the value of their contributions or less after that many years of investing. That’s less than if they had just stuck it in an indexed fund or even bonds, which any layperson can do on their own without the fees of an investment adviser or financial planner.
I don’t agree that common objection, “it limits consumer choice”, is significant enough to merit changing the bill as it is currently written. Sure, customers may not be able to be as risk-oriented in their retirement plans as they once were (still getting a decent return though, might I add) but they can still be as risk-hungry and volatility-loving as they like in their non-retirement accounts.
Thank you for your input. I agree with you 100%. This very thing happened to my poor sister. This is the reason that she is 72 years old and still working. The fees among other things ate away at her retirement account. She would have been off put it in bonds or under her mattress. I wish you were back in the financial planning business!
Yet another example of why I am hearing my conservative Drumpf-voting friends tell me they now have buyer’s remorse. Supporting Wall Street and screwing Main Street. Not living up to promises he made on the campaign trail. Actually, working in opposition to them in many of his objectives. Total fraud, total scam artist. Disgrace-in-Chief. I tried telling them before the election, and now they are seeing my cautions come to fruition. I hate to tell them I told them so, but I told them so. They are ready for the next election already. #sad
Ugh, I didn’t follow my own advice and responded to trolling posts. My apologies, everyone.
On-topic:
A question for the Trump supporters here:
Do you think Trump’s decision on this policy is helpful or harmful for investors?
Does it favor Wall Street or Main Street?
Do you think that Trump hiring nearly 2 dozen former lobbyists and Goldman Sachs employees lives up to his promise to Americans to protect their finances and help them be great again?
What does draining the swamp mean to you?
Always a shame when some bit of cleverness is lost to time!
But, I doubt they would get deleted again, mine that were deleted were attached to others that got the axe, too. Post away! I am interested to read what you have to say!
U R in denial regarding your ‘rights’ to post on a private website.
If you want to exercise your right to freedom of speech, go outside in the street and shout out your messages for all of the neighbors to hear and get a chuckle.
“U R in denial regarding your ‘rights’ to post on a private website”, says the one who complains the most about being down voted to the point he needed to complain to IJ.
A true American snowflake.
August 15, 2017 at 7:59 am
PolarBeaRepeal says:
Like or Dislike:
0
1
Hey Andrew; GOOD WORK in deleting abrasive, insulting posts that violate rules of the website!
I was in the financial planning industry prior to the insurance industry and I believe this regulation, or at least something very much like it, is long overdue.
We would see clients who were about to retire come in to have us review their accounts after entrusting it to a broker for the last 40 years. Their account values would sometimes be at the value of their contributions or less after that many years of investing. That’s less than if they had just stuck it in an indexed fund or even bonds, which any layperson can do on their own without the fees of an investment adviser or financial planner.
I don’t agree that common objection, “it limits consumer choice”, is significant enough to merit changing the bill as it is currently written. Sure, customers may not be able to be as risk-oriented in their retirement plans as they once were (still getting a decent return though, might I add) but they can still be as risk-hungry and volatility-loving as they like in their non-retirement accounts.
Thank you for your input. I agree with you 100%. This very thing happened to my poor sister. This is the reason that she is 72 years old and still working. The fees among other things ate away at her retirement account. She would have been off put it in bonds or under her mattress. I wish you were back in the financial planning business!
Yet another example of why I am hearing my conservative Drumpf-voting friends tell me they now have buyer’s remorse. Supporting Wall Street and screwing Main Street. Not living up to promises he made on the campaign trail. Actually, working in opposition to them in many of his objectives. Total fraud, total scam artist. Disgrace-in-Chief. I tried telling them before the election, and now they are seeing my cautions come to fruition. I hate to tell them I told them so, but I told them so. They are ready for the next election already. #sad
What a liar!! :”“The regulation is already harming retirement savers,” James Szostek, a vice president at the American Council of Life Insurers,…”
HOW???? So they can’t be ripped off by other Liars??
Ugh, I didn’t follow my own advice and responded to trolling posts. My apologies, everyone.
On-topic:
A question for the Trump supporters here:
Do you think Trump’s decision on this policy is helpful or harmful for investors?
Does it favor Wall Street or Main Street?
Do you think that Trump hiring nearly 2 dozen former lobbyists and Goldman Sachs employees lives up to his promise to Americans to protect their finances and help them be great again?
What does draining the swamp mean to you?
Hey Andrew, I answered Doug’s question in my last post but was deleted. Has the job as the blogging police gone to your head?
I had a couple of good zingers deleted, too :P
Always a shame when some bit of cleverness is lost to time!
But, I doubt they would get deleted again, mine that were deleted were attached to others that got the axe, too. Post away! I am interested to read what you have to say!
U R in denial regarding your ‘rights’ to post on a private website.
If you want to exercise your right to freedom of speech, go outside in the street and shout out your messages for all of the neighbors to hear and get a chuckle.
“U R in denial regarding your ‘rights’ to post on a private website”, says the one who complains the most about being down voted to the point he needed to complain to IJ.
A true American snowflake.
Hey Andrew; GOOD WORK in deleting abrasive, insulting posts that violate rules of the website!
…says the poster who called someone a coward just a couple days ago. I think you should worry about yourself more, Yogi.