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Compensation Drives (Bad) Behavior -The Fiduciary Rule

$The fiduciary rule was set to establish standards that puta client’s retirement interests above those advising them.

Keeping the status quo supports a mantle of credibility where none is deserved.

My old boss and mentorsummed it up well:

“Our ‘industry’ is a self-dealing, low standardentity always ready to blow. Without regs forbehavior and accountability it will continueto operate at the lowest level.”

“Long Term Greedy”$ Misleading people is very bad business in the long run.

I have managed:Individual businesses Institutional businesses

Brokerage relationships Private banking relationships

Fiduciary relationships

I KNOW CONFLICTS OF INTEREST IN THIS AREA VERY WELLAbout Me

Where the Argument LiesA financial advisor’s activities are not limited to retirement accounts

Advisers provide holistic advice on a plan for the client’s future,including a retirement account.

The “industry” believes what is “suitable” for a client is differentfrom what is required for client’s best interests.

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-Investopedia

“Now, financial professionals arelegally obligated to put their client’sbest interests first rather thansimply finding suitable investments.”

Compensation Drives BehaviorAdvisers imbed points of hidden commission in productsfor retail investors. Two points is deemed acceptable,but never disclosed, and clients don’t ask.

Mutual fund classes are created to maximize imbeddedrevenue for the “home team”. People trust their adviserand don’t read the fine print.

Managers whip and drive their teams without regard forclient performance to meet targets. Read more >> My Retirement Rehab

Wells Fargo created fake client accountsto maximize cross-sell and hit revenue targets.

Lloyd Blankfein, says Goldman Sachs is“…doing God’s work.”

These activities are allowed if “suitable”. Theyare not allowed if a client’s “best interest”need to be regarded.

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Sleazy Commission Brokers

Try to hide as many fees as they can. Manufacture structures no informed personwould knowingly invest in them.

Sleazy Insurance Companies

Both are from a bygone era from which we should run, not walk.

They have lobbied to convince influence law makers that the extra costs for compliance will reduce the amount of good advice.

-The Cato Institute

“…It risks reducing access toadvice and has an infantilizingview of American investors.”

Clients are too Trusting

Few individual investors are equipped to go toe-to-toe with corrupt industry players.

It is a lie to say advice will be restricted. The wildly profitable wealth managers can easily afford to enforce a higher standard.

A whole industry of independent fee-only advisers is making strides to do the right thing for clients.

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-The Wall Street Journal

“Merrill Lynch, which has more than $2 trillion in client assets, has said it would end commission-based retirement accounts and charge a fee based on a percentage of assets even if the rule doesn’t survive.”

I am no fan of regulation. Let’s axe the regulations that limit businesses to compete and prosper.

Peer to peer lending is a poor investment for most, but should be allowed for suitable investors.

Penny stocks, limited partnerships, and venture funding should allowed for the suitable.

Let Me Be Clear

But retirement assets should NOT be subject to the low standards of the current regulations.

Good industry players are not taking a stand

The retirement income destruction started with the transition from pension plans to 401(k) plans in the 1980’s.

Individuals were made to fund their own retirements with a “corporate match” instead of a company provided pension.

Folks in their 40’s and 50’s got a raw deal. They will pay for trusting greedy advisers, and have no pension to fall back on.

• Support the Fiduciary Rule

• Only trust fee-only advisors • Create for yourself whatthe industry should be providing

• Get several opinions

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