In an effort to grow the economy through pro-business policies, President-elect Donald Trump has promised to pare down big government in favor of fewer regulations. There are many question marks as we roll into 2017, many of which won’t be answered for months to come.
As we roll into December, the election is nearly a month behind us and the country is waiting to see what President-elect Donald J. Trump’s administration will do over the next four years. Trump and his transition team are in the process of selecting Cabinet members, of which only a few have been announced (this New York Times article) has a list that is regularly updated). As of this blog post, one of those positions that hasn’t been announced yet is Secretary of Labor. So there are quite a few unknowns. Will the President Trump the Fiduciary Rule?
The squeeze is on for financial institutions who serve mid-range clients. Those accounts that are under $750,000 are being given the proverbial boot-in-the-pants, don’t-let-the-door-hit-you-on-the-way-out treatment. Part of this is on-trend with overall business practices today - spending fewer resources to make more money - but the Department of Labor’s (DOL) recent fiduciary ruling is playing a part in this latest move.
Topics: Outsourced IRA Recordkeeping
The Internet is both beautiful and terrifying. It’s a place that allows anyone to do practically anything - order shoes, buy stocks, plan a vacation, monitor your retirement plan… the list goes on and on. But with this convenience comes risk, and personal information is right in the middle of that target.
The U.S. Department of Labor’s (DOL) recent Conflict of Interest fiduciary ruling is being met with some expected resistance. The ruling requires financial institutions that manage IRA accounts to put the interests of their clients first. You can read more about it in my blog post Fiduciary Ruling Leads Financial Institutions Down Yellow Brick Road.
Oh, 2008. That was a year. There was quite a financial storm, and the resulting rain is still trickling in. This fall, the U.S. Securities and Exchange Commission (SEC) is putting additional changes to Money Market Funds into effect.
It’s an accepted sentiment that Americans as a whole are not saving enough to support themselves in their retirement years. Many experts point to “DIY” savings - namely IRAs and 401(k)s, which require an employer to offer a plan and an employee to elect to contribute to it.
Financial institutions providing retirement services are feeling a bit like a tornado has ripped through their town after last week’s Department of Labor’s finalized fiduciary ruling.