You may have noticed that the Department of Labor (DoL) has made headlines recently regarding retirement accounts. It has issued a finalized rule requiring the brokerage industry to abide by the same fiduciary standard as RIAs in investing clients’ retirement accounts. The fiduciary standard consists of a duty of loyalty and care, and simply means that the advisor must act in the best in interest of his or her client. Additionally, firms may no longer provide financial incentives for advisers to … [Read more...] about Does the DoL Ruling Affect Your Accounts?
In recent years, as relatives and friends have gotten married, I’ve realized an important lesson – be willing to pay for a great wedding photographer. Finding the right photographer can be a long tedious process. Meeting in coffee shops and reviewing portfolios is not my idea of an enjoyable evening. And why go through all that work when a friend or acquaintance might be willing to take the pictures for considerably less? It is because we know the final photo album will be worth the price … [Read more...] about Snapshots of Fees and Expenses
When my brother was about 5 years old, he asked my mother a question. After listening to her very thorough answer for about a minute, he held up his hand and said, “Mom, stop! You’re telling me more than I want to know.” Tip: Our fiduciary clients who choose to receive prospectuses via email might want to consider setting up a new email address so the “compliance-related” information can all be kept in one place (i.e., not fill up your work or personal email box). Securities industry … [Read more...] about Stop!!!
San Diego Superior Court Faces Historic Budget Cuts Services Reduced, Hundreds May Be Laid Off, Courtrooms Shuttered CA budget cuts force Tulare Courthouse closure Los Angeles Superior Court Budget Cuts Affect 431 Employees Recent California newspaper headlines point to increasing difficulties as the economic downturn forces major budget cuts. The closing of courts, layoff of personnel, and extended court calendars will make the life of a fiduciary more complex. Since Prudent … [Read more...] about Not Business As Usual
When playing basketball or soccer it is essential to know who is on your team. For a team to be successful the members of the team must share the same goals and objectives. If you pass the ball to a person on the opposing team, most likely they will be trying to help their own team and not yours. Likewise, in the world of financial advisors, there are many different types of advisors and it is imperative for you to understand the differences. As a guardian of the person and their estate it is … [Read more...] about Who’s On YOUR Team?