For industry veterans, annuities conjure the “bad old days” of pushy insurance companies offering rich commissions to snake-oil salesmen with Rolex-knockoffs peeking out from French cuffs.
The drafters of the Advisers Act of 1940 thought investors would confuse real advisors from salesmen who pretended to be advisors. That’s why they built a wall to separate the two. Now the SEC wants to tear it down.
There are large swaths of the financial planning landscape that can – and should – be both automated and integrated in such a way to which robo advisors aspire, but do not yet currently deliver.
The Securities and Exchange Commission has proposed new rules for advisors and brokers. The rules purport to clear up investor confusion with new disclosures and raise the standard for brokers. Unfortunately, they lack both the clarity and enforcement muscle to be effective.
Harold Evensky's most recent NewsLetter.
To serve the needs of our evolving consumers, a more comprehensive fiduciary mindset needs to be adopted in order to survive.
Last week, the SEC issued proposed rules governing broker-dealer and investment advisor conduct. The rules serve as a counterpoint to the fiduciary rules issued by the Department of Labor.
Read Harold Envensky's most recent Newsletter
Some new developments in Washington and recent court rulings have implications for those saving and investing for retirement. Drew Carrington, head of Institutional Defined Contribution at Franklin Templeton Investments, along with Michael Doshier, head of retirement marketing, examine the status of the Retirement Enhancement and Savings Act (RESA) and what it might mean for both plan sponsors and participants.
Why do experts, CEOs, politicians, and other apparently highly capable people make such terrible decisions so often? Is because they’re ill-intentioned? Or because, despite appearances, they’re actually stupid? Nassim Nicholas Taleb, philosopher, businessman, perpetual troublemaker, and author of, among other works, the groundbreaking Fooled by Randomness, says it’s neither.