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.
Atlanta, GA (PRWEB) October 26, 2015
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.
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