American IRA Announces Proposed New Rules That Could Affect Self-Directed IRAs In Their Most Recent Blog

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American IRAs blog discusses the proposed tightening of some rules that affect financial advisors who handle retirement planning for their services, including advisors who work with clients on Self-Directed IRAs, Self-Directed 401(k)s, and other retirement accounts.

American IRA CEO

American IRA CEO, Jim Hitt

This boils down to a very simple concept: if someone is paid to give you retirement investment advice, that person should be working in your best interest.

According to this recent blog, the proposed new rules that could affect Self-Directed IRAs are being written in an attempt to reduce conflicts of interest on the part of advisors, and make it more difficult for advisors to avoid fiduciary responsibility toward their clients, or to recommend sub-optimal investment options when better investments are available, simply because the inferior investment pays the advisor or their firm more money.

"This boils down to a very simple concept: if someone is paid to give you retirement investment advice, that person should be working in your best interest," said Secretary of Labor Thomas E. Perez. "As commonsense as this may be, laws to protect consumers and ensure that financial advisers are giving the best advice in a complex market have not kept pace. Our proposed rule would change that. Under the proposed rule, retirement advisers can be paid in various ways, as long as they are willing to put their customers' best interest first."

Implications for Self-Directed IRA investors are an important part of this blog. "The White House report is discouraging, but not surprising. Traditional brokers from run-of-the-mill broker-dealers and investment houses have historically and repeatedly landed in hot water over conflicted investment advice, including the scandals over sell-side investment research of the early 2000s that put then New York Attorney General Elliot Spitzer in the public eye. For the first, time, anyway."

Click here to read the entire blog.

About American IRA, LLC:

American IRA is committed to providing every client with gold-level service, regardless of account size. Experience their expertise through their certified IRA services professionals. Enjoy the value with one low annual fee of $285 with unlimited assets and unlimited account values. American IRA clients love the benefit of no charge for "All Cash" accounts. The performance of the American IRA staff is unmatched, with quick and efficient processing within 48 hours.

American IRA services thousands of clients and has over $300 million in assets under administration.

American IRA was built by investors for investors, and brings their successful investment experience to the table, providing excellent educational material showing the public that their self-directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.

American IRA is conveniently located in Asheville, NC and Charlotte, NC, and serves clients nationwide.

American IRA is the sponsor of American Wealth Radio. Click here for more information.

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Sean McKay
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