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[Glix]

None of this makes any sense. The DOL rule isnt going to stop a bank from opening checking accounts behind your back.

Ummmm, my point stands that it is part of the reason I don't trust financial institutions.

 

[SomewhatGroovy]

If a contractor fucked up work on my house I can tell within a matter of days weeks or maybe months. That gives me plenty of time to get the word out about how bad he is so nobody else hires them. In the case of a fiduciary, I can't tell if they did a good job for me until decades later. The feedback loop simply doesn't exist when time scales are that long for the free market to provide a necessary correction mechanism.

I do not know how to respond to this because it is pure fiction.

Regardless. the point is, more rules will not help you gain an upper hand as a client in this scenario. In fact, this rule specifically has already immediately disqualified clients from even continuing to work with their advisor of choice months before the rule has even gone into effect (this April). For a lot of people who loved choosing their advisor and loved choosing how they wanted to pay for their services, this is a problem.

Advisors across the country with larger firms were called and given reports telling them which of their clients (could be friends, family members or anyone theyve built a relationship with over decades) they can't even call anymore because said clients were being forced into a call center or robo advisor center going forward. These clients aren't jerking off in front of a mirror and celebrating their rights and protections.

Again, we're only discussing ramifications of this rule with large wirehouses. A lot of Advisors work from home and are independent but still fall within FINRA (and DOJ) jurisdiction. This has pushed a lot of these advisors to retire because many are seeing their monthly costs go up $700 plus on a monthly basis. They are not tied or affiliated to any large wirehouse but still see the same consequences come down hard on them.

 

[Jenov]

lol this is great

 

[Ithil]

Curses, foiled again!

 

[Dai101]

Guess who is calling at 3a.m.

 

[Xe4]

Anyone who uses a fiduciary or financial investment service is fucking up anyhow. The best thing you could possible do for your retirement is investing into an index fund. Glad to see this rule is in effect anyhow.

 

[SomewhatGroovy]

Anyone who uses a fiduciary or financial investment service is fucking up anyhow. The best thing you could possible do for your retirement is investing into an index fund. Glad to see this rule is in effect anyhow.

There is more to financial advice and guidance than compounding interest using a product. Horrible statement. People pay Advisors for advice, not for products. I find it hilarious you are all for fuduciary standards and then, seconds later, give sweeping generalizations as to what is right for people you dont know. Smart.

 

[Turbo Killer]

Yeah Trump, keep tweeting shit about judges and courts, payback is gonna be a bitch.

 

[Ithil]

Yeah Trump, keep tweeting shit about judges and courts, payback is gonna be a bitch.

I think he assumed that

1) Everyone had to do whatever he said, including the courts
and then after finding out this wasn't the case that
2) Courts automatically rule along party lines like the Senate and House, so all Republican appointed judges would rule for him just because R.

Doesn't seem to realize that constantly insulting and belittling judges is causing all other judges to view him less and less favourably.

 

[BlastProcessing]

You know, Trump said I would get tired of all of this winning, but it hasn't happened yet.

 

[Brandon F]

This is fantastic. My jaw hit the fucking floor when I saw the administration try to pull this con out of their collective ass on the American public.

There is absolutely no voting citizen in the United States of America, regardless of party line, that should endorse this heinous overturn.

 

[Yoshimitsu126]

81 pages damn. I bet whoever wrote that had a blast too.

 

[sangreal]

Yeah Trump, keep tweeting shit about judges and courts, payback is gonna be a bitch.

this case doesn't involve trump

trump is still delaying and ultimately trying to revoke the regulation

the only relation to Trump's plans is the authors naive belief that Trump's admin cares about "justifying" reversing the rule