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There is a “workaround” to the proposed DOL Fiduciary Rule. This word is enough to give most people a less than happy feeling since it’s often used by IT techs to describe how they are going to fix a glitch in your computer system. Upon completion of their “workaround,” the entire system will often crash.
The ocean surrounding the Indonesian island of Simeulue started to recede to the horizon revealing coral reefs, sunken boats, and the seabed itself. Moments before, one of the most powerful earthquakes ever measured had shaken the island—which was less than twenty-four miles from the epicenter. The force of this earthquake both lifted the island almost five feet and triggered the 2004 Indian Ocean Tsunami— one of the deadliest natural disasters in recorded history.
Mark Twain, author of the quote in the title, was never an FA. He began his career as a riverboat pilot on the Mississippi and later became a world famous writer. But he knew a thing or two about life and about money—or lack of money— since he lost most of what he made by ill-conceived investments.
Wednesday’s unveiling of the “Fiduciary Rule” will be the most significant regulatory change to the retirement industry since the passage of ERISA 42 years ago.
From Target to Home Depot, Staples, Anthem and, more recently, the U.S. government, data breaches have been dominating the news cycle. This has left financial advisors wondering: "Are my clients protected, and am I doing enough to keep their sensitive data secure?"