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Re: TRUMP TO DROP OUR BEST INVESTMENT PROTECTION

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The Court of Appeals killed the rule.  Blaming it on Trump is pure derangement.

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Re: TRUMP TO DROP OUR BEST INVESTMENT PROTECTION

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@mandm84wrote:

Well Gail , we're all not as smart as you and having a little safeguard to protect the novice investor's from the Wall Street Wolves makes a whole lot of sense to me !!! Obama was looking out for the little guys in our Nation , but who is Trump looking out for ? 


Dis you not even read what AARP said in the article which I quoted:

They said:  

Even if they are fiduciaries, they still might persuade you (wrongly) that costly investments are in your best interest.

 

So if a person is just putting their trust in someone else to manage their money, they may still get shifted unless they know what they are doing.  It is not hard to learn about it at least enough to know if you are getting good advice, recommendations and that, if managed, they are doing it according to your wishes.

 

How do people with 401K plans, pensions or even some type of profit sharing plan or company stock options or investment choices in their retirement plan even make decisions with this part of their money?

 

The only way that I got SMART was by reading, talking to others and learning.

I did this when my wealth was increasing and wanted to know how to look after my money - being self employed, I had no employer matched anything, no employer health care insurance subsidy either so I had to make sure I was knowledgeable about money and how to make it grow.  I determined my risk level and began from there.

 

If people want a Fiduciary, all they have to do is find one that they can trust, determine what roll they want them to play with their money and negotiate the fee.

They are already out there.

 

It is just an excuse to place this very important personal decision on some government law or rule because even if stays under the Obama rule, people still will not understand it and still won't know if their money is being managed wisely and they are getting good advice.  

 

I do not watch any news but the local - I read various sources.  ALL of the MSM is slanted one way or the other - so I try to just get the facts and draw my own conclusions by understanding the facts.  I am as Libertarian as they come. 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: TRUMP TO DROP OUR BEST INVESTMENT PROTECTION

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Well Gail , we're all not as smart as you and having a little safeguard to protect the novice investor's from the Wall Street Wolves makes a whole lot of sense to me !!! Obama was looking out for the little guys in our Nation , but who is Trump looking out for ? 

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Re: TRUMP TO DROP OUR BEST INVESTMENT PROTECTION

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Typical Plutocratic response that's give more to the top of the food chain. A true Fox watching over our interests.

So we ALL have to be smarter than the Fox watching over the hen house. That's comforting !!!

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Re: TRUMP TO DROP OUR BEST INVESTMENT PROTECTION

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Even AARP tries to explain it to people.  NO law or rules can take the place of due diligence especially when it comes to protecting what you have.

Regardless of where your money is at, you need to understand what it is doing there.

 

Ask the person managing, or offering to manage, your investments to state in writing that he or she will act as a fiduciary at all times, for retirement and nonretirement accounts. That's especially important for less sophisticated investors who depend heavily on professional advice. Knowledgeable clients already demand fiduciaries for all their money.

 

Ask the adviser to compare the costs and benefits of leaving your retirement money in your 401(k) versus investing it through the firm's IRA. You want a good-faith estimate, in writing, of what you'll pay in direct fees or sales commissions, plus any payments the adviser's firm quietly receives for selling particular mutual funds or annuities, says Ron Rhoades, director of Western Kentucky University's financial planning program. Don't settle for generalities; get specifics. True fiduciaries will give them to you.

 

Consider choosing an adviser who charges flat fees — such as a percentage of managed assets or a fixed amount per year — rather than those who also take commissions. Fee-based advisers can be expensive, too, so you still have to check. But commissioned advisers are those most likely to push complex products, such as annuities whose sky-high costs dwarf any benefits.

 

Don't be blinded by titles like "financial adviser" or "wealth manager." If they're not fiduciaries, the advisers can earn commissions on sales, and they're legally entitled to put your interests last. Even if they are fiduciaries, they still might persuade you (wrongly) that costly investments are in your best interest.

 

AARP - Money/ Investing: How To Find A Fiduciary

 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Re: TRUMP TO DROP OUR BEST INVESTMENT PROTECTION

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@mandm84wrote:

https://www.investopedia.com/insights/financial-advisors-react-endangered-fiduciary-rule/

 

Under Trump's leadership the " Fiduciary Rule " which President Obama put into place will be removed. This rule was instituted to protect us and forced the financial advisor's and banks to put our best interests ahead of their profits.

 

Is that " Draining the Swamp " President Trump ?


I see you don't understand that there are both types of Financial Advisors and Financial planners.  ALL a person has to do is find a person with the credentials of a Fiduciary to have that coverage and Protections.

 

You pay Fiduciaries a set fee, not a commission on buys and sells.  

So people have the choice NOW as to who they use and how they pay them - all you have to do is become knowledgeable as to how this works and who is who.

 

Many people just turn their money over to others with little oversite or learning as to their personal objective.  They don't read or understand their agreement with whom they are working.  

 

IT IS THEIR MONEY, THEY SHOULD BE SMART ENOUGH TO PROTECT IT AND UNDERSTAND THE AGREEMENT THEY ARE WORKING UNDER 

 

OR they should just do their own trading and not involve any type of advisor.

 

Why do we keep having to make rules to protect the uneducated when it is their choice to stay in the dark???

 

Regardless of where your money is invested. . . . THE BEST INVESTMENT PROTECTION IS THE PERSON WHO OWNS THE MONEY ! 

If you dug a hole in your backyard and buried it - whose responsibility would it be to determine what it is buried in and to remember where it is buried????

* * * * It's Always Something . . . Roseanne Roseannadanna
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TRUMP TO DROP OUR BEST INVESTMENT PROTECTION

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https://www.investopedia.com/insights/financial-advisors-react-endangered-fiduciary-rule/

 

Under Trump's leadership the " Fiduciary Rule " which President Obama put into place will be removed. This rule was instituted to protect us and forced the financial advisor's and banks to put our best interests ahead of their profits.

 

Is that " Draining the Swamp " President Trump ?

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