Trump may roll back the DOL's fiduciary ruling

[Captain Save]

http://www.investmentnews.com/article/20161109/FREE/161109914/trump-victory-puts-dol-fiduciary-rule-in-limbo

i'm curious to see what you folks in think about the fiduciary rule altogether ..

Like most regulations . ..the idea sounds great but the implementation is questionable

[cornfieldj]

I think the DOL's fiduciary rule is great, and I followed all the complaining and pushback from the industry for a couple of years. Why'd they whine so much? Because it would have meant they can't sell you financial products that may or may not benefit you but which absolutely benefit them.

People trying to save for retirement are challenged enough, without having to navigate whether an investment vehicle is really going to be in their best interest.

And people in general are very challenged by trying to understand complex financial arrangements, goals, fees and compensation structures.

[disneysteve]

I think the DOL's fiduciary rule is great, and I followed all the complaining and pushback from the industry for a couple of years. Why'd they whine so much? Because it would have meant they can't sell you financial products that may or may not benefit you but which absolutely benefit them.

Exactly. Anyone selling you a financial product should need to adhere to the highest fiduciary standards to show that you will benefit from the product and that it is a good fit for you. They shouldn't be able to sell you a bunch of crap that does nothing more than generate huge fees and commissions for them. Any sort of financial advisor, insurance salesman, annuity vendors, etc. should all have to meet these requirements.

[Fishindude77]

Whole lot of speculation over "what Trump might do".
Newsflash - He's not president yet, and when he takes office he can't just walk in and start making blanket changes to everything.

I think our news media is just scratching for news to put in print now that the election is over.

[cornfieldj]

Whole lot of speculation over "what Trump might do".
Newsflash - He's not president yet, and when he takes office he can't just walk in and start making blanket changes to everything.

I think our news media is just scratching for news to put in print now that the election is over.

Reporters and editors at general as well as financial news outlets are examining Trump's statements, proposals and the people he is working with. Trump said during his campaign he'd dismantle Dodd-Frank, and his transition team has stated very clearly they intend to take down these regulations over the banking industry.

[StormRichards]

Whole lot of speculation over "what Trump might do".
Newsflash - He's not president yet, and when he takes office he can't just walk in and start making blanket changes to everything.

I think our news media is just scratching for news to put in print now that the election is over.

This is better than the story about Lady Gaga urging the electors to switch their votes.

[disneysteve]

he can't just walk in and start making blanket changes to everything.

While this is certainly true, and probably 90% of what he "promised" during the campaign will never happen, he has said plenty of things that he supports and hopes to accomplish. And as he builds his staff, the backgrounds and views of those people adds to the narrative of what a Trump White House may look like.

I do agree that the media goes way overboard with what-ifs but that's the curse of 24-hour news coverage. When the news was 30 minutes in the evening and another 30 minutes at 11pm, we didn't have this problem.

[Captain Save]

Whole lot of speculation over "what Trump might do".
Newsflash - He's not president yet, and when he takes office he can't just walk in and start making blanket changes to everything.

I think our news media is just scratching for news to put in print now that the election is over.

lol...I do agree.. I posted this mainly to get the temp of folks here but one thing about Trump .. nobody knows what he's going to do .. because for everything he says.. you can find a clip of him saying the exact opposite..

The other issue is that the rule has passed.. so it would be an uphill battle to get this started again .. might not be resolved for another 8 years when a democrat gets in office again and wants to put it back on ..

[corn18]

Don't Presidents get to unilaterally enact regulations that are like laws but without the approval of the Congress? I thought that was one of the beefs with Obama.

[disneysteve]

Don't Presidents get to unilaterally enact regulations that are like laws but without the approval of the Congress? I thought that was one of the beefs with Obama.

Executive Orders are what you are referring to.

[Captain Save]

Don't Presidents get to unilaterally enact regulations that are like laws but without the approval of the Congress? I thought that was one of the beefs with Obama.

yes but you'd have to pick your battles.. and the DOL fiduciary rule is simply not a sexy enough topic... it's not on most Americans mind but I bet you if the topic comes up most will be in favor of it