UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next
Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Answer Team Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 81600  
Subject: Re: HR-2374. Delays adviser fiduciary responsib Date: 11/5/2013 3:38 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 4
I have been through the routine of having the local broker banging on my 89 yo mother's door wanting to sell her another annuity, because he could no longer sell her annuities after she turned 90.

Attorney Generals in states have already stopped some insurance companies from offering annuities to the elderly. It's a bad practice, but people do it anyway.

With so many horror stories of people sold profitable, but inappropriate products, fiduciary responsibility adds yet another layer of accountability.

Abusers can be sued. And they can lose their licenses to practice.

We need more enforcement.

Of course, the bad practice line is fuzzy. In equities, markets can turn against good advice. Was the investor aware of the risks and comfortable with it? In hindsight, what sounds like an opportunity for good returns at somewhat higher risk can turn into a poor performer.

Being overly conservative can also be an unintended consequence. That can make it more difficult for people to earn the returns they need for retirement.

Its important to get it right.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next


The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.