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Government Can Do Everything Bigger and Better, Right?

This post is a follow-on to a blog I wrote last week, New “Fiduciary Rules” Handed Down from Department of Labor Will Change Your Life, about new Department of Labor rulings spear-headed by Obama that strengthen fiduciary standards for those involved in giving advice about investment securities in an effort to protect the consumer.  How many different ways can I tell you this rule is like droppings from a bull, horse, or sheep?   In my humble opinion, the U.S. government is stupid thinking it can do better than private enterprise.
Here’s why I think this. The Financial Industry Regulatory Agency, or FINRA, is the regulating arm for investing in securities.  It has already established sound financial due-diligence practices that have been protecting the consumer for 50 years.  So why this new set of rulings?
Here is why I think the U.S. Department of Labor created tougher standards:  With stiffer regulations, if a financial adviser makes a mistake, or the market melts down again like it did in 2008, attorneys can sue and we know what happens when attorneys get greedy…
There was no evidence of abuse by FINRA or financial advisers who voluntarily work under its regulating arm when the Department of Labor announced these new rulings, so to me it is like a “solution” looking for a problem.  My counsel is to avoid all qualified retirement plans, like 401(k), 403(b), SEP, IRAs, and even Roth IRAs.  Learn how to create tax-free retirement income you cannot outlive and leave Wall Street and government regulations to the birds.  To learn how, contact me:  peter@moneymastery.com, 801-292-1099.
 

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