jump to navigation

Fiduciary Standards – ’bout time April 8, 2016

Posted by bluedevil32 in finance, questions, social, Uncategorized.
Tags: , , , , , ,
add a comment

Well, it’s a start. The US has passed a law that is set to go into effect by, *drum roll, please!*, early-2018 for fiduciary (client’s best interest) standards for some 300,000 financial advisers who deal with retirement plans (401k’s, IRAs, Roths, etc…). So, come 2018, your adviser may now only legally act in your best interest and give objective advice on your options – you know, what lawyers and bank trust officers have had to do for decades.

Don’t hold your breath just yet, however. It seems that this will be fought, as appeals are thought to be in the works. Why would advisers want to act in your best interest if that doesn’t make them the most money?? Currently, advisers are only limited to giving advice on products/plans that fall into ‘appropriate age and risk-tolerance’.

So basically this means you cannot get straight sleazy sales – any adviser would have to produce all of the options and give an objective opinion on what would be the best – cost and plan-wise. How that will be determined is anyone’s guess since it’s their job to know all of the options. I do not expect someone that works and is an expert in their own field to also know about finances and everything that goes into them – which is all the more reason to make sure you vet the experience and practice of any adviser that you wish to go with.

The Time article that mentioned this article Fiduciary Standard approximated that it could save $17 billion for retirement investors. In a country that holds a dumb amount of debt in the form of student loans / credit card debt, this seems small (Trillions of debt vs billions saved), but it’s certainly not insignificant.

Something around 3-5% of people currently retired have more than $60k a year. I would hope that this action helps that poor statistic, and that in the near-future, with the amount of knowledge and technology available, that costs come down and everyone can either automate or receive the pointed help that they deserve.

Note: Licensed Life, Disability, LTC Insurance

Thoughts of the Day – GenY finance, Daily fantasy ‘expert’-testing, other questions September 17, 2015

Posted by bluedevil32 in Altucher, DFS, experience, finance, gym, PGA, questions, Scutify, social, training.
Tags: , , , , , , , , , , , , , , , , , ,
add a comment

Every day I receive a post from James Altucher @jaltucher – he’s an author of one of USA Today’s “12 Best Business Books of All-Time” Choose Yourself, which describes at length the power of one’s self, as well as a successful (and that does not mean he hasn’t failed) entrepreneur, hedge fund manager, asset manager, columnist, as well as podcast producer. His valuable insights, podcasts and publications enlighten us to choose yourself and your passions to create revenue streams aplenty. He simply asks a lot of questions of many people to see what has driven them, and in turn, learn for himself.

In my recent conversations, I have noticed that this is a skill that is falling out of favor very easily of many people – and more so, whether they’re just more of who I come into contact with, but Gen Y and Millennials. So, in light of my observations, I would like to go over what I observed/questioned today.

(more…)

%d bloggers like this: