Marching to green!
Less than $6.4k to go!!
Posted on 03/01/2015 7:22:49 AM PST by Enlightened1
Under the false pretense of calling for new and tougher so-called fiduciary standards for financial brokers, advisers and retirement plan representatives, the White House once again horned in on Wall Street’s compensation formulas.
However, what the president surely knows is that a vast majority of retirement plans — IRAs and 401(k)s — are in simple fee-based products like mutual funds. The commission-based accounts are for those who prefer to direct their brokers in certain purchases inside some of their retirement products.
The key to the White House’s interference is in its nuanced language.
Currently, a broker may make a recommendation that must be “suitable” for retirement account assets such as 401(k)s and IRAs.
However, the president wants to take it a step further and mandate that it be in an investor’s “fiduciary best interest.”
The administration surely knows that commission rates and fees on Wall Street have never been better for the consumer, and to pretend to be able to offer even cheaper rates seems disingenuous.
It also opens a huge can of worms.
What if an investor who has been successful with Apple wants to buy 100 more shares of the tech giant for his or her self-directed IRA?
Does the administration really want a broker to interfere because in the broker’s opinion it isn’t in the “best interest” of the investor?
It’s all about control. It’s your money, America. The system functions quite well. Adding more pages of red tape will not improve performance, but it just may get your broker to drop your account, just as many credit lines were closed after Dodd-Frank passed.Come on, IRAs and 401(k)s are the few savings products that actually do work in this country for everyone.
IRAs and 401(k)s are personal retirement accounts, not government pensions. Please keep your hand out
(Excerpt) Read more at nypost.com ...
They’re planning on stealing your 401k...under the guise of keeping you safe and protecting you. Keep taking it.
The slow, deliberate creep of communism. This Thief-in-Chief is after it all. Watch your wallet or he will pick it dry.
That’s the end game alright. nyone who thinks this bunch is going to let a couple trillion dollars alone needs their head examined.
L
http://www.freerepublic.com/focus/f-chat/3262609/posts
FEDGUVINC-—creeps into EVERYTHING
there’s no way they can leave trillions in savings alone.
you’d have better odds leaving crack and a pipe alone in a room with a crackhead and telling them not to touch it.
They have been planning and trying this since Clinton was banging interns in the Oval Office.
Next will be outright confiscation, with deserving money doled out according to our needs.
U.S. treasuries is the only safe investment for the common people!/s
Of course they are. The 529 debacle was a trial run to see how the public would react. Now they will just try a different marketing scheme since the first didn’t work. FUBO
I'm sure Obama would love to implement an outright confiscation of every 401(k) and IRA account in the U.S., but these fiduciary standards are a completely different issue. What's happening here is that many brokers are effectively functioning as financial advisors for their clients executing trades in tax-deferred accounts, and this measure imposes the same standards on brokers that are put on registered advisors.
The old reach around...your looking behind you so he doesn’t get the IRS after you and WHAM...he’s taken what you had in your front pocket.
Another case of SSDD (Same Sh*t Different Day). They don’t care which foot gets in which door as long as they get a foot (preferably two or more) in a door. They will then perform incredible acts of incomprehensible logic to contort the original meaning into something they can use to arrive at what they originally wanted but couldn’t possibly sell.
It's just like marriage - they gave you a tax break on it, so they own it.
Argentina confiscated all 401k’s and then granted ALLOWANCES.
Same plan, here.
If the stealing of our money doesn’t wake people up, nothing will. All the guns, bullets, etc. will be worth nothing.
If 410ks are nationalized, we all know that a substantial number of people would rush to get the money out and take the penalty. Congress wouldn’t do such a thing, but president Nero would have no compunction against issuing an EO during a “crisis” under the aegis of the NDAA. In fact, he probably would just freeze the assets and not allow people to get their money out or just go for outright confiscation.
I really think that a military coup with Nuremberg trials of the federal criminals is the only way out. We can’t count on the people in the federal government to reform the federal government; the good guys aren’t strong enough, and the bad guys are in too deep. The criminals in the federal government, the globalists, and the banksters are pushing the envelope at an accelerated pace, and they are being rewarded for their crimes with more power and money. The constitution cannot be resurrected in this environment by political means; including, sad to say, article 5.
I realize that a reboot is risky, but we are approaching the time when doing nothing is worse. The window will close once the totalitarian state is firmly established.
Remember, the last trading day of this Shemitah year is 9/11/15.
* Your 401k is with a Commission Based or Fee-Based retail establishment...
* This is an attempt to force everyone in the Industry to evolve into what is essentially the "Fee-Only" business model.
* Whilst the Fee-Only types may have the high moral ground forcing someone to change their business model is Un-American IMHO.
* This whole "Fiduciary" standard is a hot potato that never got resolved via Dodd-Frank, yet they are still at it, I wish our side had such stick-to-it-ness with something like a Flat Tax.
With all this...
* Not a mention that may 401k's are woefully inadequate with options in a ton of asset classes aka Mid Cap Growth for example.
* With the advent of Low cost ETF's, I could see many employers adopting a breath of them to head this Obama edict off at the pass.
* Whilst many employers are offering "Robo" type advisers it is not mandatory, nor should it be.
These last three items could be done via the Free-Market without regulatory intervention, it would take employers demanding more from their employers, and sometimes to keep good people they do it, it has happened before when great suggestions were made to HR in regards to 401k's.
You will find your nice 401k nest egg getting a very small bump and find it being equally shared by you and several other people.
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