Oct 2, 2017
I’m getting tired, worn out, exhausted by the continuing barrage of information on the “Fiduciary Rule.” Repeal, appeal, inform, beware. I work with our team to support the financial services advisor, but I’m also a consumer with a retirement plan and while I may be just a bit more aware and informed than the average dude out there, I don’t get it.
Let common sense prevail. Incorporate the fiduciary rule. Isn’t that the understanding any consumer would have in the first place? Wouldn’t any retiree expect the financial services representative he or she has entrusted with their assets to work in their best interest? All the major companies in the sector have already or are currently moving in the direction to have all the elements in place to comply. It’s the right thing to do.
We’re all going to need a plan for the future. Look at the current situation of Baby Boomers coming into retirement. In 2029, the youngest of the Boomers will turn 65. By then, Boomers will represent 20 percent of the total population! 20 percent! That’s not to mention the younger generations that will also be looking for retirement advice and support.
The industry has a huge opportunity to support and direct the billions of dollars that are coming into play for retirement accounts. We’re living longer, healthcare is costing more, the cost of living in general is going to go up. The need is going to be greater than ever for sound financial advice and direction.
So who can we trust? Who can the average retiree out there lean on for solid support in his/her given situation? Shouldn’t it be their personal financial advisor? Shouldn’t that advisor be looking out for the best interest of Bill and Karen and Joseph, etc.? They don’t want to have to second guess the decisions they have been making about their financial future. Knowing that the government had to step in to protect them from their own personal and trusted advisor disgusts me — as it does many of the others wondering what has been going on historically with their own financial advisors.
Bottom line from this writer’s perspective is that we move on and implement the Fiduciary Rule. The good advisors should actually thrive. The others will go away. Self-select out and we’ll all be the better for it. Really, let’s just be transparent. Tell the truth and act like we’re taking care of our mothers in retirement.
Be assured, all of Advisor Prep’s content is developed from the perspective of the consumer. It’s relateable and presented in common language the consumer will understand. We know an advisor can present the technical elements of Social Security and RMDs. We want to be able to share that information from the mouths of the advisor to the ears of the least sophisticated listener in a meaningful and beneficial manner.
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