How will the new Department of Labor Fiduciary Rule affect the cost of your IRA?
1776 Financial Services is an independent firm offering a high degree of personal client services and individual customized financial plans, located in Franklin, MA announces the Department of Labor’s Fiduciary Rule that will affect the cost of your IRA investments.
(firmenpresse) - 12/06/16 (Franklin, MA) €“Many questions surround the Department of Labor''s Fiduciary Rule and how it will impact both investors and their advisors. The Rule, scheduled to take effect in April 2017, requires that an advisor who dispenses advice on client IRA assets place a client''s interest first €“ essentially to act as a "fiduciary" rather than as a broker. In this context, a fiduciary is compensated by fees on assets (€˜fee-based€™), while a broker is compensated by commissions (€˜commission-based€™) and utilizes transaction-based accounts for the clients€™ retirement solutions.
Part of this Rule addresses the service an advisor performs in understanding and documenting the client''s goals, and the fees investors pay for the investment strategy or services the investors are receiving. And although placing a client€™s best interest first seems obvious, critics of the Rule contend that the way the Rule is implemented could actually hurt certain investors. The reason: The Rule favors a class of fee-based service accounts that often excludes smaller investors.
Those who fall below the minimum account size for such accounts at most firms may find themselves in a service vacuum. Some large brokerage firms have already announced that in response to the Department Of Labor Rule they will stop holding IRA accounts for these transaction- or commission-based accounts. These large firms may also exclude clients whose unique situation does not fit the fee-based model.
The advisors at 1776 Financial Services who are affiliated with Raymond James Financial Services, Inc., (Member FINRA/SIPC) know from experience that client needs and preferences vary significantly: some clients may benefit from having flexible options in paying for money management and receiving service. The firm has historically begun client conversations with thorough, documented fact finding to establish a complete understanding of the client''s goals. And to provide the necessary flexibility in payment, their affiliated advisors are credentialed to act either as fiduciaries or as brokers, depending on the unique situation of the client. Thus, 1776 Financial Group advisors can place the client''s needs first, whether best met in a fee-based or commission-based account.
Don€™t get caught by surprise in April. To learn in what ways the new Department Of Labor Rule for IRAs could affect an IRA account as well as its cost, and how [1776 Financial Services](http://www.raymondjames.com/1776Financial/) may help, contact principals Scott Dittrich, Co-Founder 1776 Financial Services, Financial Advisor or Mark Dittrich Co-Founder 1776 Financial Services, Financial Advisor, CFP at 508-520-0176.
1776 Financial Services is an independent firm offering a high degree of personal client services and individual customized financial plans, located at 443 East Central Street in Franklin, MA 02038. [1776 Financial Services](http://www.1776financial.net).
Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC.
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Unternehmensinformation / Kurzprofil:
1776 Financial Services
http://www.1776financial.net
+15085200176
Datum: 06.12.2016 - 09:06 Uhr
Sprache: Deutsch
News-ID 1474022
Anzahl Zeichen: 3399
contact information:
Contact person: Mark Dittrich
Town:
Franklin
Phone: +15085200176
Kategorie:
Financial Services & Insurance
Typ of Press Release: Unternehmensinformation
type of sending: Veröffentlichung
Date of sending: 06/12/2016
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