Elizabeth Warren

n2doc

(47,953 posts) Mon Feb 23, 2015, 10:29 AM Feb 2015

Warren now all in on fiduciary fight

Joined by Sen. Elizabeth Warren (D-Mass.), President Obama will move ahead on Monday with plans to impose new regulations for financial advisers that are vehemently opposed by the business community.

Obama will announce his intentions during a speech at AARP's Washington offices on Monday afternoon, as The Hill first reported, on Monday, where he will be joined by Warren and other senior White House officials. AARP has joined progressives and other groups, including the AFL-CIO in backing Obama's efforts for the new regulations.
Obama officials say the new regulations -- dubbed "fiduciary rules" -- are needed to protect consumers from financial advisers who have conflicts of interests. They say too many financial advisers earn commissions from big banks after selling faulty retirement advice to unsuspecting Americans.

The U.S. Chamber of Commerce and other business groups -- backed by moderate Democrats and Republicans -- argue that Obama's new regulations decrease low- and middle-income Americans' access to retirement advice. They say that the regulations will mean advisers have less incentive to take on low- and middle-income Americans' retirement accounts, which are less lucrative than more wealthy Americans.

more

http://thehill.com/policy/finance/233446-warren-now-all-in-on-fiduciary-fight

8 replies

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Warren now all in on fiduciary fight (Original Post) n2doc Feb 2015 OP

So, without regulations, they are willing to take on low and middle income accounts? dixiegrrrrl Feb 2015 #1

"less incentive to take on low- and middle-income Americans' retirement Phlem Feb 2015 #2

Financial advisors are leeches n2doc Feb 2015 #4

We've got ours in a spider fund. Phlem Feb 2015 #6

k&R /nt think Feb 2015 #3

"backed by moderate Democrats and Republicans" RiverLover Feb 2015 #5

+10000000000000000000000000000000000000000000000000 Phlem Feb 2015 #7

substitue "corrupted" for "moderate" and it will be just right. Scuba Feb 2015 #8

dixiegrrrrl

(60,011 posts)

1. So, without regulations, they are willing to take on low and middle income accounts?

Reply to n2doc (Original post)

Mon Feb 23, 2015, 10:48 AM

Feb 2015

Kind shows their intentions, doesn't it?

Phlem

(6,323 posts)

2. "less incentive to take on low- and middle-income Americans' retirement

Reply to n2doc (Original post)

Mon Feb 23, 2015, 11:31 AM

Feb 2015

accounts".

Whatever. Someone will fill the void, that's the great thing about capitalism. The spin is strong in criminals.

n2doc

(47,953 posts)

4. Financial advisors are leeches

Reply to Phlem (Reply #2)

Mon Feb 23, 2015, 11:37 AM

Feb 2015

The only advice one needs is to put one's savings into a low fee index fund and leave it alone. When they retire, they may need advice on how to best take the distributions, but there are already plenty of sources for that information.

Phlem

(6,323 posts)

6. We've got ours in a spider fund.

Reply to n2doc (Reply #4)

Mon Feb 23, 2015, 08:42 PM

Feb 2015

Does well even in bad times.

-- backed by moderate Democrats and Republicans -- argue that Obama's new regulations decrease low- and middle-income Americans' access to retirement advice.

check it, how moderate Democrats are lumped in with Republicans. Feels like that in DU every fricken day now.

But the argument above is bullshit. If those Financial advisers don't like the rules Obama is proposing, I don't want them touching money in the first place. This "the new rules will decrease access to financial advisers for lower and middle income...." then F' em. I more than happy to take it to someone who follows the new rules, except if the new rules are flawed. There's always that.