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Beginning in April 2017, a new Department of Labor rule goes into effect, changing how a fiduciary is defined. The rule aims at ensuring advisors put their clients’ best interests first (instead of, for example, recommending products that generate higher commissions).
For some brokerage and advisory firms, the changes mean little. But for others, the new regulation will require significant investments in technology and process changes in order to comply with the onerous compliance challenges created by this change.
According to a recent Fact Sheet released by the White House, President Obama is calling for tax reforms that would include provisions for retirement. At his 2015 State of the Union Address, he referenced his plan to expand access to retirement savings options for middle-class workers. Whether you support the President’s plan or agree with his opponents, one thing is certain - our country is facing a retirement crisis.
Did you see the recent survey from Charles Schwab that said American workers accept responsibility for financing their own retirement and are relying primarily on their 401(k) to get them there?