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What Happens When Wall St. Wolves Feast on Unsuspecting People?

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The Department of Labor’s fiduciary rule has many flaws, but one part of the rule that was to be commended (as I did here) was the restrictions placed on variable annuities in retirement portfolios. Now the Department of Labor wants to water down these rules, and allow the wolves of Wall St. to once again slaughter unsuspecting savers with extreme fees and terms that put customers at a distinct disadvantage.

Today Michael Wursthorn writes in the Wall Street Journal that the rule roll-back is meant to appease the very wolves who have been taking advantage of retirees for years, the sellers of variable annuities.

In issuing the proposed exemption, the Labor Department addresses one of the biggest complaints from those opposing the fiduciary rule: that it would destroy the business of many independent annuity sellers. The National Association of Fixed Annuities has been leading the charge against the rule in the courts as a party to one of several cases seeking to kill the rule or narrow its reach.

Read more here. Also, if you’re still on the fence about how dangerous variable annuities can be, read  here, here, here and here for more of my thoughts on the issue.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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