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Posted: 3/3/2017 12:42:58 PM EDT
Article about it

“I have a very nuanced view of the DOL fiduciary duty rule. I think it is a terrible, horrible, no good, very bad rule,” said Piwowar. “For me that rule was never ever about investor protection. To me, that rule, it was about one thing and it was about enabling trial lawyers to increase profits.”
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Now...to really make his message hit home, you need to know this.

RIAs are fiduciaries already, they are regulated by the SEC, it has been like this for forever. So, for the regulating agency that regulates fiduciaries to say the DOL Fiduciary rule is crap, that should hold a lot of clout.
Link Posted: 3/3/2017 1:10:44 PM EDT
[#1]
Link Posted: 3/3/2017 1:33:11 PM EDT
[#2]
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Quoted:
Did he take speaking lessons from Donald Trump?

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He went to the Bigly School of Speech Making.
Link Posted: 3/3/2017 1:45:06 PM EDT
[#3]
Link Posted: 3/3/2017 2:09:27 PM EDT
[#4]
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Quoted:
I can see what he's saying though.

When the rules force you to invest for clients a certain way, and that way fails, the client will then sue you because you didn't have their best interests in mind. Best interests meaning "I'll never lose money."

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Pretty much.....the rule and those in the DOL, etc want a pure markowitz strategy. By definition, that strategy should hand you your ass every 3-5 years and really smoke your port every 10-15. mean reversion and all that jazz.

If they really wanted to do good. they would just call for every investment, insurance products also, to have their fees, surrender charges etc, listed in plain English like a credit card term sheet, along with returns and some other value metrics.
Link Posted: 3/5/2017 4:31:24 PM EDT
[#5]
I've already sent letters to my Congresswoman, both of my Senators, Paul Ryan, Mitch McConnell, President Trump, and Acting Chair Piwowar to encourage them to ease or lift these restrictions.

Syndication is where it's at.

Mike
Link Posted: 3/6/2017 12:15:33 PM EDT
[#6]
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Quoted:
I've already sent letters to my Congresswoman, both of my Senators, Paul Ryan, Mitch McConnell, President Trump, and Acting Chair Piwowar to encourage them to ease or lift these restrictions.

Syndication is where it's at.

Mike
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Link Posted: 3/6/2017 1:10:50 PM EDT
[#7]
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Quoted:
If they really wanted to do good. they would just call for every investment, insurance products also, to have their fees, surrender charges etc, listed in plain English like a credit card term sheet, along with returns and some other value metrics.
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I couldn't agree more.

...and on the same line of thinking: Health care should be upfront with costs also.

Give the consumer the information up front and let them make the decision.  If the consumer decides that the fees are worth it, then that is their decision.
Link Posted: 3/6/2017 1:14:47 PM EDT
[#8]
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Quoted:

I couldn't agree more.

...and on the same line of thinking: Health care should be upfront with costs also.

Give the consumer the information up front and let them make the decision.  If the consumer decides that the fees are worth it, then that is their decision.
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Quoted:
Quoted:
If they really wanted to do good. they would just call for every investment, insurance products also, to have their fees, surrender charges etc, listed in plain English like a credit card term sheet, along with returns and some other value metrics.

I couldn't agree more.

...and on the same line of thinking: Health care should be upfront with costs also.

Give the consumer the information up front and let them make the decision.  If the consumer decides that the fees are worth it, then that is their decision.


yep...I agree 100%...
Link Posted: 3/25/2017 2:49:22 AM EDT
[#9]
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Quoted:


Pretty much.....the rule and those in the DOL, etc want a pure markowitz strategy. By definition, that strategy should hand you your ass every 3-5 years and really smoke your port every 10-15. mean reversion and all that jazz.

If they really wanted to do good. they would just call for every investment, insurance products also, to have their fees, surrender charges etc, listed in plain English like a credit card term sheet, along with returns and some other value metrics.
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I think that's where we're going and that's a big problem with the rule. How can you project returns in mutual funds, ETFs, or stocks for any given year or time period?
Link Posted: 3/25/2017 10:19:12 AM EDT
[#10]
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Quoted:
I think that's where we're going and that's a big problem with the rule. How can you project returns in mutual funds, ETFs, or stocks for any given year or time period?
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Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:


Pretty much.....the rule and those in the DOL, etc want a pure markowitz strategy. By definition, that strategy should hand you your ass every 3-5 years and really smoke your port every 10-15. mean reversion and all that jazz.

If they really wanted to do good. they would just call for every investment, insurance products also, to have their fees, surrender charges etc, listed in plain English like a credit card term sheet, along with returns and some other value metrics.
I think that's where we're going and that's a big problem with the rule. How can you project returns in mutual funds, ETFs, or stocks for any given year or time period?
I'm hoping trump unwinds this rule soon
Link Posted: 3/25/2017 1:22:39 PM EDT
[#11]
Same here, looks like they're trying
Link Posted: 3/25/2017 2:27:37 PM EDT
[#12]
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Quoted:
Same here, looks like they're trying
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Yep...all the judges keep blocking every suit. I am also surprised how the DOL even has jurisdiction over a retirement account, I can see a company sponsored plan, but an INDIVIDUAL retirement account, that's a gross over reach of power.
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