Aura Wealth Reacts as Obama Vetoes Resolution to Block Pending “Conflict of Interest” Fiduciary Rule; Bert Doerhoff, CPA, Responds to Recent Legislative Action in D.C.

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Bert Doerhoff, CPA, founder of Aura Wealth Advisors, recently responded to President Barack Obama’s veto of an attempt to overturn the Department of Labor’s fiduciary rule that has captured headlines in recent months.

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Years ago we chose to be independent and not affiliate with any of the big name companies where we would be obligated to sell the company’s products to our clients. Like many who have made this decision, our loyalty is solely to our clients.

Bert Doerhoff, CPA, founder of Aura Wealth Advisors, recently responded to President Barack Obama’s veto of an attempt to overturn the Department of Labor’s fiduciary rule that has captured headlines in recent months.

The Department of Labor, which regulates tax-advantaged savings accounts, brought more financial advisors under the fiduciary standard rule, which requires advisors to put their clients’ best interests ahead of their own profits. The rule, which was promoted by the White House in early 2015 due to the millions of dollars investors were losing every year to “conflicts of interests” among advisors who earn commissions, is scheduled to take effect in April 2017.

On Wednesday, Obama vetoed a congressional resolution aimed at blocking the implementation of the fiduciary rule, saying “because this resolution seeks to block the progress represented by this rule and deny retirement savers investment advice in their best interest, I cannot support it.”

Doerhoff said regardless of what side of the political fence you reside (the congressional resolution was backed by the GOP), investment advisors should always look out for the best interests of their clients – not their own pocket books.

“The regulations simply require the person promoting the investments in retirement accounts to act in the best interest of the investor,” Doerhoff said. “It’s hard to imagine why someone would fight that, but there is a lot of lobbying going on by the brokerage industry to overturn the rule.”

Doerhoff said fees associated with investments are the “single biggest cost to the investor” over time, and that high fees substantially reduce the amount available to the retiree.

“We have always followed the fiduciary standard,” he said. “Years ago we chose to be independent and not affiliate with any of the big name companies where we would be obligated to sell the company’s products to our clients. Like many who have made this decision, our loyalty is solely to our clients.”

As the changes to the fiduciary rule continue to unfold, Doerhoff encourages investors to remain focused on what matters most to their goals and their needs – and this may mean seeking an investor who is already experienced in following the fiduciary standard.

About Bert Doerhoff:
Bert Doerhoff, CPA, the founder of Aura Wealth Advisors, is a fee based investment advisor who works with families and small business owners to help them protect and grow wealth for life. He designs comprehensive tailored investment solutions with strategic defensive investment approaches that retain growth potential. Guided by fiduciary standards, he works with clients to build a legacy and deliver ever increasing cash flow in retirement that will protect their lifestyle from the effects of inflation.    

Contact Bert Doerhoff, CPA, by email at bdcpa@AccuBiz.net; by phone at (573) 634-4006; or learn more at http://www.AuraWealth.com.

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Amy Vaughan
Aura Wealth Advisors
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Bert Doerhoff, CPA
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