Posted on Feb 6, 2017
I'm not an economist, so, how does this help the average American? How does this go toward making America great again?
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Donald Trump
Economy
Business
Posted 8 y ago
Responses: 12
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Because there are many facts in the career field that you haven't taken into consideration. There are two types of financial planners those who sell product and those who charge you for their time. Both have pro's and cons, they are required to disclose it to you. If the financial planner is free he's a salesman, but he's free and does offer good advice just a biased one.
Why should the government make sales jobs illegal??? The rule sounds great in theory but in practicality it hurts the middle class individuals who need options but don't want to pay just to listen to a sales pitch, the commissions guy only gets paid if he convinces you to buy something. The "put the clients first guy" charges up front.
The only commissions type financial planners to completely avoid are the ones who only sell a certain product. Like Whole Life salesmen, just avoid them like the plague.
Why should the government make sales jobs illegal??? The rule sounds great in theory but in practicality it hurts the middle class individuals who need options but don't want to pay just to listen to a sales pitch, the commissions guy only gets paid if he convinces you to buy something. The "put the clients first guy" charges up front.
The only commissions type financial planners to completely avoid are the ones who only sell a certain product. Like Whole Life salesmen, just avoid them like the plague.
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MAJ Bryan Zeski, I have worked in financial services since 2006. The financial services industry is already regulated by the Financial Industry Regulatory Authority (FINRA) which reports directly to the Securities Exchange Commission (SEC). Anyone that has a securities registration (Series 6, 7, 63, 65, 66, etc.) is already required by regulation to act in the best interest of the client. The volume of paperwork to be completed and the oversight of each transaction already borders on the absurd. It's all done to protect the client.
There are a few bad apples in every barrel, but believe me, there are already an abundance of regulations in place to protect the consumer. SFC Michael Jackson, MBA SP5 Mark Kuzinski
There are a few bad apples in every barrel, but believe me, there are already an abundance of regulations in place to protect the consumer. SFC Michael Jackson, MBA SP5 Mark Kuzinski
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LTC Stephen C.
MAJ Bryan Zeski, the oversight of FINRA and the SEC will never go away. If anything, over time there will be more compliance required of financial services companies and their advisors. The action undertaken by the Department of Labor was simply an unnecessary (and perhaps redundant) intrusion into an already highly regulated industry, which is already "governed" by a Federal entity, the SEC.
To wit, FINRA is the only self regulatory organization (SRO), of which I'm aware, that reports to a Federal entity (the SEC). All other SROs, such as the American Medical Association, the American Bar Association, the American Institute of Certified Public Accountants are just that. None of them are "governed" by a Federal entity like FINRA is by the SEC. SFC Michael Jackson, MBA SP5 Mark Kuzinski
To wit, FINRA is the only self regulatory organization (SRO), of which I'm aware, that reports to a Federal entity (the SEC). All other SROs, such as the American Medical Association, the American Bar Association, the American Institute of Certified Public Accountants are just that. None of them are "governed" by a Federal entity like FINRA is by the SEC. SFC Michael Jackson, MBA SP5 Mark Kuzinski
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The industry (Independent Insurance Agents & Brokers of America) was very concerned about the regulatory impact on their profession. It was essentially trying to make these agents and brokers adhere to fiduciary requirements. If you want a fiduciary, hire one. If you trust your broker/agent, use him/her. We have both for a reason.
The investor should educate himself to understand the difference between the two. One is an independent advisor that usually charges a fee based upon their work (fiduciary) the other typically sells you investment they make a commission on (broker/insurance). Both have a role and the government really doesn't need to force them both to operate the same.
The investor should educate himself to understand the difference between the two. One is an independent advisor that usually charges a fee based upon their work (fiduciary) the other typically sells you investment they make a commission on (broker/insurance). Both have a role and the government really doesn't need to force them both to operate the same.
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