When Obamacare was signed into law in 2010 after being rammed through Congress, a lot of promises were made and subsequently broken. We all know how the “if you like your doctor you can keep your doctor” bit turned out to be a complete lie.
We were also promised that insurance premiums would go down; To be kind we’ll call that a half-truth. Obamacare did introduce some lower-cost options in their state-run exchanges, but the new law made private insurance accounts even more expensive than they already were.
This forced many people and employers into going to the government exchanges out of financial necessity. People got plans that were worse than what they had because that was all they could afford. This, of course, is the goal of all liberal governments. Force people out of private enterprise programs that they prefer into those run inefficiently by Uncle Sam.
Now it appears that the administration is prepared to take the same tack in regard to your retirement savings accounts. To read how the Obama administration plans to force citizens out of their private accounts and into government ones, continue reading on the next page:
Pure b******t
The new rule requires all financial professionals to ensure that they comply with the “fiduciary standard.” In short, all financial professionals with whom you invest will, by law, need to put your financial interests in front of their profit margin in offering investment advice. Before, this was only the case for certain financial professionals. If you think that this is some avenue for governmental involvement, you are either insane or wish to bilk people out of money for your own profit. The reality is that the fiduciary standard always existed but now it applies to all financial professionals.
That’s the whole point David. This eliminates a loophole that previously existed in the fiduciary standard rule. Now, ALL financial professionals have to put your investment in front of their profit goals.
The new rule requires all financial professionals to ensure that they comply with the “fiduciary standard.” In short, all financial professionals with whom you invest will, by law, need to put your financial interests in front of their profit margin in offering investment advice. Before, this was only the case for certain financial professionals. If you think that this is some avenue for governmental involvement, you are either insane or wish to bilk people out of money for your own profit. The reality is that the fiduciary standard always existed but now it applies to all financial professionals.
This post is conjured up to scare people into thinking that Obama is doing something “socialist” or even “dictator like”. The reality is it eliminates a prior loophole that allowed some financial professionals to put their interests in front of yours, without fear of penalty. As a fiduciary, they are, by definition, supposed to put your investments in front of their profit margin. Now the loophole will close. This is not a controversial or partisan rule but this thread suggests that it is to scare people who don’t like Obama. Whether you like him or not, a fiduciary should ABSOLUTELY put your money first, always and forever.
No, I don’t like it, Steve Heinecke…
Keith Olbricht, you are correct. I just met with my advisor. He informed me their planning fees would be increased because of the new rules. When I asked why he told me because they won’t be able to make as much profit as they did before the change. I am looking for another advisor.
This is the last resoviour of cash that exists in thus country that the Feds don’t have their grubby hands on. It us estimated at $4 trillion. Once they do get control.of it, they will spend it all on rhe indolent to buy votes and we will still be almost $20 trillion in debt
I wouldn’t trust the government with my trash, let alone what I may have for retirement.
Steve Simpson you need to read this
Why doesn’t he just take his family and go on VACATION for the rest of his term. He would do us all a big favor.