This is very meaningful for retirement investors. The DOL Fiduciary Rule’s Impartial Conduct and Best Interest Advice standards WILL BE IN EFFECT STARTING JUNE 9, 2017!
For Investors, this means:
1) Best Interest Advice for you
2) Reasonable costs for advice and investments
3) No misleading the investor
If someone advising you breaks these rules, you have recourse.
Over the long term this should mean you end up with more money in your retirement nest egg.
1) Advice on your 401(k) investments – if an advisor suggests or recommends what you should buy in your 401(k) account – and is compensated for that advice.
2) AND THIS IS A BIG ONE THAT WAS NOT COVERED BEFORE,
Advice on the decision WHETHER OR NOT to roll money out of your 401(k)-type account into to an IRA, and,
3) IF IT IS IN YOUR BEST INTEREST, to roll out of your 401(k)-type plan and into an IRA, advice on money in your IRA
BEWARE getting advice from a non-fiduciary before June 9, as they may recommend you do something that would be in their interest, but not yours.
So to recap:
— IF you already work with a fiduciary — such as a Registered Investment Adviser, not much will change – you should already be getting advice that’s in your best interest – on ALL your investment accounts, retirement or not.
— BUT, IF you are being advised by a non-fiduciary — stock broker, insurance agent/producer/consultant, a financial advisor, wealth manager or many other titles, you may not have had advice or recommendations that were in YOUR best interest.
On June 9, all the advice you get on your retirement investments will have to be in your best interest. !!!
THIS IS GREAT NEWS FOR INVESTORS!
Signs of Slowing Economy Continue to Mount
11 Most Read IRIS Articles of the Week!
3 Strategies to Feel More in Control of Your Investments in 2019
3 Life Insights From the Jeff and Mackenzie Bezos Divorce
Weekend Warriors: Ortho Regenerative Technologies Begins Final Animal Studies in Rotator Cuff Repair
Advisors: A New Way to Build Trust With Your Audience on Social Media
4 Tips to Get Over Your Fears of Being on Camera
Top 7 Questions To Identify Core Leadership Skills
How Technology Is Helping Clients Take a Bigger Role Than Ever
What Happens When Labour Gets Commoditized
Markets1 day ago
Long-Term Investors: The S&P 500 Is Not Your Friend. Here’s Why.
Development1 day ago
Again, and Again, and Again: The Way to Build a Great Advisory
Advisor Marketing1 day ago
How to Integrate a Robo-Advisor Offering on Your Website
Equities2 days ago
MIT Says 2019 the Year That Blockchain Goes Mainstream
Sales Strategy2 days ago
The “Polite” Prospect Can Be the Most Difficult Prospect
Human Performance2 days ago
6 Techniques to Close Deals Faster
Markets3 days ago
Is the Market Rising Due to the Lack of Bad News Screaming at Us?
Markets3 days ago
The Early Bird Sells too Soon