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The Department of Labor’s proposal aims to close governance loopholes and require financial advisers to give retirement advice in the best interests of savers rather than chase the highest payday.
“Bad financial advice by unscrupulous financial advisers driven by their own self-interest can cost a retiree up to 1.2% per year in lost investment,” President Biden said. “That doesn’t sound like much but if you’re living long, it’s a lot of money.
MORE: https://medicalexecutivepost.com/2023/03/11/recast-an-interview-with-fiduciary-bennett-aikin-aif-2/
“Over a lifetime, it can add up to 20% less money when they retire. For a middle-class household, that can amount to tens of thousands of dollars over time.”
MORE: https://marcinkoassociates.com/financial-planning/
FIDUCIARY OATH: https://medicalexecutivepost.com/2023/02/19/the-fiduciary-oath/
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Filed under: "Ask-an-Advisor", Career Development, CMP Program, Ethics, Events-Planner, Financial Planning, Funding Basics, Interviews, Investing, Marcinko Associates, Retirement and Benefits, Risk Management, Touring with Marcinko | Tagged: Aikin, best interest, Certified Medical Planner Textbooks, CMP, DOL, fiduciary, fiduciary oath, financial advice, financial advisors, investment, Investment Advice, Marcinko, retirement |
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