- 10,708
If Your Not Keeping Up with This You Should Be!
- Thread starter scagnt83
- Start date
- 1,641
It would be cleaner if they would just put a ban on product and clearinghouse bonuses.
- 1,271
Even casinos discourage people from playing with money they can't afford to lose. The market was never meant for retirement plans - such was unheard of until recent decades. It has always been meant for wealthy speculators and traders who had money they could afford to lose. The next swing of market meltdown is on its way. Hopefully this time around they get the message (doubt it).
- Thread starter
- #4
- 10,708
I dont think you guys get this debate...
The DOLs current definition of a Fiduciary Standard extends to IRAs...
If your a RIA I guess you arent worried.... if you have figured out how to get mom & pop to pay you a fee for placing an annuity in their IRA...
The DOLs current definition of a Fiduciary Standard extends to IRAs...
If your a RIA I guess you arent worried.... if you have figured out how to get mom & pop to pay you a fee for placing an annuity in their IRA...
- 1,641
I wish I could charge them a fee just to hear me speak.
- 1,271
DOL exercises jurisdiction over company sponsored plans viz. defined contribution plans. All this fiduciary BS started because of wicked consequences of def cont plans gambling their money in the market. People have lost their retirement money and that's why DOL's talking.
- 15,041
I'd like to know how the DOL has the slightest standing to regulate IRAs. They have absolutely nothing to do with an employer. Sounds like a slam dunk of a challenge for over reaching.
- Thread starter
- #8
- 10,708
What section of the tax code do you think created IRAs???????
ERISA!!!!!
Originally an IRA couldnt be owned by someone who wasnt originally in an employer plan (it was only for rollovers out of a plan).
Then later through further legislation they allowed for the direct individual contributions.
The IRA laws have been modifid a few times since then, but it doesnt change their origin, or what regulatory body regulates that origin.
And the DOL (specifically the EBSA (employee benefits security administration)) govern the ERISA laws.
If you have a complaint against a Qualified Plan or an IRA custodian you go to the EBSA division of the DOL.
Think about it. How can ERISA not apply to something that can be payroll deducted for retirement? Who else would regulate IRAs?
- 15,041
I wasn't aware IRAs began as an offshoot of ERISA. It does make sense now.
Uh, right.
The market wasn't meant for speculators, traders, or wealthy or not wealthy people. The market was meant to help companies raise capital (through the stock and bond markets) and hedge (options and futures markets).
This is completely misinformed, and stinks of non-securities licensed FIA slinging.
People that took the care to have a reasonably allocated, low cost investment portfolio, made out just fine through the crash of 2008. Every single client of mine is positive, even if they bought in during the 4th quarter of 2007, net of fees.
If someone was dumb enough to be in 100% stocks in their 50's, and then sell at the bottom, that isn't the markets fault, it's the investors fault.
That's like blaming an insured for buying the wrong insurance for their situation because they were too lazy or cheap to consult with an experienced agent. Or someone who gets PWNED by the IRS because they were too cheap to pay an accountant ensure their taxes get done properly.
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