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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.
A secure retirement is one of the cornerstones of the American Dream. After a long and dedicated career, people envisioned their golden years stretching out ahead of them, filled with leisure and a chance to enjoy what they worked hard for all their lives. That dream has become more difficult to reach over the past decades, but it’s still possible to restore retirement to America. By helping to revive retirement plans you can expand your own business’ potential.
Do you know that one-third of all private-sector employees, about 42 million, work for small businesses with fewer than 100 employees? Upwards of 70 percent of those employees lack access to a work-based plan to save for retirement.
That troubling statistic was released this summer by the United States Government Accountability Office (GAO). Why the lack of access to retirement plans for many employees? The government found a lot of small business owners are overwhelmed by the responsibilities they believe come with 401(k) plans.