Butch Femme Planet  

Go Back   Butch Femme Planet > LIFE > Careers, Work, Business

Reply
 
Thread Tools Display Modes
Old 04-06-2016, 09:33 AM   #1
Orema
Superlative Soul Sister

How Do You Identify?:
Lesbian stonefemme
Preferred Pronoun?:
She, her
Relationship Status:
Single
 
Orema's Avatar
 

Join Date: Dec 2013
Location: Cottage of Content
Posts: 12,416
Thanks: 39,283
Thanked 31,842 Times in 7,962 Posts
Rep Power: 21474857
Orema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST Reputation
Default Retirement

‘Customers First’ Becomes the Law in Retirement Investing

Under new regulations for financial advisers issued Wednesday, said Secretary of Labor Thomas E. Perez, putting customers first “is no longer a marketing slogan. It’s the law.”

The rules governing how financial professionals handle the trillions of dollars they invest on behalf of Americans saving for retirement are about to get a lot tougher.

The government move is expected to encourage a shift of retirement funds into lower-cost investments — potentially saving billions of dollars for many ordinary investors — while setting off one of the biggest upheavals in the financial services industry in decades.

The Labor Department, after years of battling Wall Street and the insurance industry, issued new regulations on Wednesday that will require financial advisers and brokers handling individual retirement and 401(k) accounts to act in the best interests of their clients.

“The marketing material that I see from many firms is, ‘We put our customers first,’” Thomas E. Perez, the secretary of labor, said in an interview. “This is no longer a marketing slogan. It’s the law.”

The new regulations, which may be challenged in court, were formally proposed a year ago and were modified after hearings and industry criticism. They are not expected to take effect until next spring at the earliest.

Many consumers assume the individuals and firms investing their money are operating under the same sort of ethical and legal standards as a family doctor — someone who is obliged to provide the very best advice.

But brokers are generally required only to recommend “suitable” investments, which means, for example, that they can push a more expensive mutual fund that pays a higher commission when an otherwise identical, cheaper fund would have been an equal or better alternative.

The Obama administration, relying on extensive academic research, estimated that conflicts of interest embedded in the way many investment professionals do business cost Americans about $17 billion, leading to returns that are about 1 percentage point lower each year.

“It has the potential to really change the way advice is delivered to retail investors,” said Barbara Roper, director of investor protection at the Consumer Federation of America. “It is a really big deal. Revolutionary, even.”

The so-called conflict-of-interest rule covers only tax-advantaged retirement accounts and does not apply to most other investments. But it could lead to more sweeping changes across the financial services industry, making it harder for some smaller firms to do business and perhaps encouraging a further consolidation into larger companies better able to handle the detailed rules of compliance.

It is also expected to promote a shift away from commissions for individual transactions toward relying more on flat annual fees for managing accounts, a move that would not benefit all investors equally.

Critics of the rule in its earlier proposed form, such as the American Council of Life Insurers, argued that the changes would cost much more than the government estimated because they were based on an “inadequate and flawed” analysis.

“We hope that once published it reflects the concerns of many of the more than 300 members of Congress from both sides of the aisle, the life insurance industry and numerous other stakeholders,” said Dirk Kempthorne, the council’s chief executive.

For the last year, the industry has lobbied Congress to delay or kill the rule, so far without success. Before going ahead with the final rule, the Labor Department held four days of public hearings at which nearly 80 parties testified; it also received more than 3,000 comments on the proposal from consumer advocates, industry stakeholders and others.

“We heard the concerns, we listened, we acted,” Secretary Perez said. “And I think we improved the rule as a result.’’

Generally speaking, the new rules — six years in the making — would require a broader swath of professionals to act as “fiduciaries,” the legal term for putting customers’ interests first. They cannot accept compensation or payments that would create a conflict unless they qualify for an exemption that ensures the customer is protected.

If brokers want to receive certain types of compensation that can pose a conflict, they will be required to offer an enforceable contract that promises to put the customer’s interests first.

The firms must also disclose any conflicts and direct consumers to a website that describes how they make money. Firms can charge only “reasonable compensation,” and they cannot offer advisers financial incentives to act in a way that would hurt investors.

In using the contract, brokers will still be permitted to charge commissions and engage in a practice known as revenue sharing, which allows a mutual fund company, for example, to share a slice of its revenue with the brokerage firm selling the fund. Companies that pay more may secure a spot on the firm’s list of recommended funds.

The rule also aims to protect investors when they roll over money from a 401(k) retirement plan to an I.R.A. Right now, because the recommendation provided is considered “one-time” advice, brokers do not necessarily have to act in the investor’s best interest.

There are piles of money at stake: Individual retirement accounts held $7.3 trillion at the end of 2015, according to the Investment Company Institute, while 401(k)-type plans had $6.7 trillion — money that may eventually be rolled over into I.R.A.s.

Secretary Perez said that government rule makers had made several changes to their last proposal in an effort to respond to the criticism and avoid creating a bias toward certain investment products. He said advisers would not be obliged to sell lowest-cost products if a more expensive product like a variable annuity made sense for a particular individual’s situation.

The industry was also concerned that simply providing educational information could trigger the rule; regulators said that education would not be considered advice until a broker made a specific recommendation.

Wall Street was worried that brokers would need to provide a contract even before they began talking with a potential client. Regulators said the contract could be signed at the same time as other account-opening documents, though any advice given before the signing must still be in the customer’s best interest.

The new rules also simplify disclosures, another industry complaint. For example, firms will no longer be required to disclose performance projections for one, five- and 10-year periods.

There are also allowances for small 401(k) plans. Under the final rules, advisers who provide advice to small businesses that sponsor 401(k) plans, or plans with less than $50 million, as well as advice to participants, can qualify for an exemption from the strictest rules.

Consumer advocates and lawyers say that a robust fiduciary rule will help thwart more unscrupulous brokers, like the one encountered by Russell Kazda, a retired mechanic, and his wife, Christine, a fourth-grade teacher in Illinois.

Their advisers took $172,000 of the Kazdas’ I.R.A. savings and put it in illiquid real estate investment trusts and later invested money in an options strategy. They ended up losing about $125,000.

“I could have had my fourth graders do it and they would’ve done a better job,” Mrs. Kazda said.

Andrew Stoltmann, a securities lawyer in Chicago who represented the Kazdas, applauded the changes.

“By imposing a fiduciary duty standard, this will cause the brokerage firms to self-police,” he said, protecting most people from often unsuitable investments like “nontraded REITs, variable annuities in I.R.A.s and active trading of stocks and options.”

Last edited by Orema; 04-06-2016 at 09:58 AM. Reason: Deleted advertising references.
Orema is offline   Reply With Quote
The Following 12 Users Say Thank You to Orema For This Useful Post:
Old 05-15-2018, 10:22 AM   #2
Dean Thoreau
Member

How Do You Identify?:
Ftm - Male- exfemale
Preferred Pronoun?:
Hes Him
Relationship Status:
Has a gf
 
Dean Thoreau's Avatar
 

Join Date: Nov 2009
Location: Philadelphia pa
Posts: 889
Thanks: 251
Thanked 761 Times in 219 Posts
Rep Power: 4529746
Dean Thoreau Has the BEST ReputationDean Thoreau Has the BEST ReputationDean Thoreau Has the BEST ReputationDean Thoreau Has the BEST ReputationDean Thoreau Has the BEST ReputationDean Thoreau Has the BEST ReputationDean Thoreau Has the BEST ReputationDean Thoreau Has the BEST ReputationDean Thoreau Has the BEST ReputationDean Thoreau Has the BEST ReputationDean Thoreau Has the BEST Reputation
Default

So here I am in happy retirement bliss.
I was doing a lot of traveling, with my bud, and good friend but then death took my bud and crap, no one to travel with.

So now I look at volunteer programs, and figure I shall go that way. Doing business support in Jamaica, Katrina rebuild in New Orleans, English teaching in Naples.
Any other retired folk out there that are traveling or volunteer Traveling? Just wondering,
__________________
Dean Thoreau
Dean Thoreau is offline   Reply With Quote
The Following User Says Thank You to Dean Thoreau For This Useful Post:
Old 11-12-2021, 11:29 AM   #3
Orema
Superlative Soul Sister

How Do You Identify?:
Lesbian stonefemme
Preferred Pronoun?:
She, her
Relationship Status:
Single
 
Orema's Avatar
 

Join Date: Dec 2013
Location: Cottage of Content
Posts: 12,416
Thanks: 39,283
Thanked 31,842 Times in 7,962 Posts
Rep Power: 21474857
Orema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST ReputationOrema Has the BEST Reputation
Default

People looking at Medicate Supplemental Plans in the U.S. should check out this website:

https://www.ehealthmedicareplans.com
Orema is offline   Reply With Quote
The Following 3 Users Say Thank You to Orema For This Useful Post:
Old 11-12-2021, 11:41 AM   #4
Stone-Butch
Senior Member

How Do You Identify?:
Stonebutch
Preferred Pronoun?:
she
Relationship Status:
single
 
Stone-Butch's Avatar
 

Join Date: Jan 2013
Location: Canada
Posts: 2,578
Thanks: 10,806
Thanked 7,147 Times in 2,127 Posts
Rep Power: 21474848
Stone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST Reputation
Default Retirement

Worked all my life, got an education, saved and saved and did without. Now I am retired I have no debt, money in the bank, buy what I wish and go where I want (after virus lol). Know that retirement is coming so prepare. You will be happy you did.
Stone-Butch is offline   Reply With Quote
The Following 7 Users Say Thank You to Stone-Butch For This Useful Post:
Old 11-12-2021, 07:10 PM   #5
Jar
Member

How Do You Identify?:
TG Butch
Preferred Pronoun?:
He, him, da bomb...
Relationship Status:
Single
 
Jar's Avatar
 

Join Date: Nov 2009
Location: Up and to the right
Posts: 610
Thanks: 868
Thanked 2,338 Times in 534 Posts
Rep Power: 21474849
Jar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST Reputation
Default

Sometimes life can wipe away all the planning in the world. I had a great career going, savings, 401, new car, condo would've been paid off, no debt and a plan for retirement. I would've been set but my life path took another turn. My mom had a stroke in 2019 and I moved back to Louisiana to take care of her because my mom had been my rock all my life. I have never regretted that decision and would do it all over again. When she passed last year I was devastated but had to move on.

These days I feel like I'm starting all over at 18 years old. My car was totaled, savings and 401 are gone, sold the condo and there are no jobs here. But for whatever reason this is my path and my mom taught me to survive. I'll make it and I'll embrace this new chapter but it hasn't been easy.
__________________
~ Jar ~

No matter what life brings you, always learn a lesson from your dog ... kick some grass over that shit and move on
Jar is offline   Reply With Quote
The Following 9 Users Say Thank You to Jar For This Useful Post:
Old 11-12-2021, 07:52 PM   #6
Stone-Butch
Senior Member

How Do You Identify?:
Stonebutch
Preferred Pronoun?:
she
Relationship Status:
single
 
Stone-Butch's Avatar
 

Join Date: Jan 2013
Location: Canada
Posts: 2,578
Thanks: 10,806
Thanked 7,147 Times in 2,127 Posts
Rep Power: 21474848
Stone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST ReputationStone-Butch Has the BEST Reputation
Default Retirement

Jar, hey dude, life has handed you a lot and here you are. I love your attitude and with your way of thinking things will pick up for you. I wish you all the best and believe me you are young and I am a dinosaur but I went through a lot in my early years and it takes time and tinacity to get back on your feet. Please don't look back at what happened. Look forward least you fall from not watching where you are going. You can DO IT. Good luck to you.
Stone-Butch is offline   Reply With Quote
The Following User Says Thank You to Stone-Butch For This Useful Post:
Old 11-13-2021, 10:43 PM   #7
Jar
Member

How Do You Identify?:
TG Butch
Preferred Pronoun?:
He, him, da bomb...
Relationship Status:
Single
 
Jar's Avatar
 

Join Date: Nov 2009
Location: Up and to the right
Posts: 610
Thanks: 868
Thanked 2,338 Times in 534 Posts
Rep Power: 21474849
Jar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST ReputationJar Has the BEST Reputation
Default

Quote:
Originally Posted by Stone-Butch View Post
I wish you all the best and believe me you are young
Well I'm not that young. I think you misunderstood when I said I felt like I'm starting over at 18 but I'm starting over in what should be my retirement years.
__________________
~ Jar ~

No matter what life brings you, always learn a lesson from your dog ... kick some grass over that shit and move on
Jar is offline   Reply With Quote
The Following 3 Users Say Thank You to Jar For This Useful Post:
Old 11-14-2021, 04:49 AM   #8
cathexis
Senior Member

How Do You Identify?:
Trotskyist, Anarcho-syndicalist
Preferred Pronoun?:
They, Them, Their, Sir Bitch
Relationship Status:
open
 
cathexis's Avatar
 

Join Date: Sep 2016
Location: Great White North!
Posts: 4,315
Thanks: 16,763
Thanked 4,699 Times in 1,598 Posts
Rep Power: 21474846
cathexis Has the BEST Reputationcathexis Has the BEST Reputationcathexis Has the BEST Reputationcathexis Has the BEST Reputationcathexis Has the BEST Reputationcathexis Has the BEST Reputationcathexis Has the BEST Reputationcathexis Has the BEST Reputationcathexis Has the BEST Reputationcathexis Has the BEST Reputationcathexis Has the BEST Reputation
Default

Quote:
Originally Posted by Jar View Post
Well I'm not that young. I think you misunderstood when I said I felt like I'm starting over at 18 but I'm starting over in what should be my retirement years.
Sorry to hear that you are having so many problems in your retirement years. Before I retired I had an angelic vision (and guess still do) of how my life will be, but I came to the realization its harder and rougher than work ever was.

Here's a crap-assed retirement story, at age 62 Social Security is putting me back through the exams that I took to be declared disabled some 10 years ago. Will be past when I'm officially able to retire by the time they'd be able make a determination.
__________________
Insurrection is an art, and like all arts has its own laws. -----Leon Trotsky
cathexis is offline   Reply With Quote
The Following 3 Users Say Thank You to cathexis For This Useful Post:
Old 11-16-2021, 07:45 PM   #9
nhplowboi
Member

How Do You Identify?:
FTM
Preferred Pronoun?:
male pronouns
Relationship Status:
Married to Bevidotcom
 
nhplowboi's Avatar
 

Join Date: Nov 2009
Location: New Hampshire
Posts: 716
Thanks: 2,766
Thanked 2,418 Times in 547 Posts
Rep Power: 18342661
nhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputationnhplowboi Has the BEST Reputation
Default

Jar you did what was right and things will work out for you. I am sorry to hear you are back at square one but you've got this dude.
nhplowboi is online now   Reply With Quote
The Following 2 Users Say Thank You to nhplowboi For This Useful Post:
Old 11-17-2021, 08:57 AM   #10
rustedrims
Member

How Do You Identify?:
Butch
Preferred Pronoun?:
she/her
 
rustedrims's Avatar
 

Join Date: Mar 2011
Location: Northern Ohio close to Lake Erie and ice-cream places
Posts: 440
Thanks: 3,081
Thanked 2,503 Times in 363 Posts
Rep Power: 21474848
rustedrims Has the BEST Reputationrustedrims Has the BEST Reputationrustedrims Has the BEST Reputationrustedrims Has the BEST Reputationrustedrims Has the BEST Reputationrustedrims Has the BEST Reputationrustedrims Has the BEST Reputationrustedrims Has the BEST Reputationrustedrims Has the BEST Reputationrustedrims Has the BEST Reputationrustedrims Has the BEST Reputation
Default My retirement...

Was planning for a long time and figuring out what I wanted to do. Got a reliable truck and car and bike. Starting to do overtime to get a little in the bank. Doing good then got hit by cancer with about 2 years to go. Got through that and went back to work for almost 2 years. Time to make the jump out. I left without looking back. Now been retired little over a year and never felt better knowing I will never have to go back there to those horriable people again. Since the first day I have been getting treatments and CT's and MRI's. That's going good. Still able to do my outside stuff. The thing I hate the most is I gotta get rid of my bike. Can't ride anymore. The surgery messed me up. Friend of mine is going to buy it. I like that idea cause I still have access to it. Maybe zip down the road every now and then with it.

I have a lot to do in the house. When I get something done that makes me feel good. Maybe I haven't lost that much that I can still get my stuff built and fixed. I make my day what I want it to be and not on anyone elses schedule.

Told my Dr. a few days before he retired not to wear his watch anymore. He said he wears a different one in the barn. I said not to wear that one either. Then said to him there is only 2 times a day you need to know what time it is and that is supper time and bedtime and you don't need a watch for that. He smiled.

Thank you for reading

s
__________________
I don't want to be perfect because if I was then I will loose the ability to learn.
rustedrims is offline   Reply With Quote
The Following 10 Users Say Thank You to rustedrims For This Useful Post:
Reply

Tags
retirement, work

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 03:04 PM.


ButchFemmePlanet.com
All information copyright of BFP 2018