When it comes to fiduciary responsibility, you always, always want to work with a registered investment advisor.
As an investment advisor, I am required by law to act in the best interest of my clients.
Stock brokers, wealth managers, CFP’s, and any other acronym are not if they’re not a registered investment advisor.
They follow a mushy “suitability” law. When it comes to mis-direction and confusion, this industry is shameful.
Remember, for you and your family, the key words here are “required and fiduciary”.
Take the SECURE Act currently in the meat grinder of Congress. It hasn’t passed yet but stay-tuned, because I’ll let you know when it does.
If passed, the SECURE Act will open the door for annuities to be sold to participants in 401(k)’s.
The reason annuities haven’t been offered by employers and plan administrators is because they were assuming fiduciary responsibility for the 401(k)’s offered to employees.
With the SECURE Act the employers and plan administrators shift that fiduciary responsibility to the insurance companies offering the annuities.
You’ve been warned.
Pass it along.
E.J. Smith - Your Survival Guy
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