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Best interests of financial firm, not client, on table

There has been plenty to smile about of late on Wall Street, with the Dow having more than tripled from its low point during the recession eight years ago.
There has been plenty to smile about of late on Wall Street, with the Dow having more than tripled from its low point during the recession eight years ago. Richard Drew AP

If anyone reading this has a 401K and/or mutual funds, please heed this warning.

A new fiduciary rule by the Labor Department is about to take place that prevents investment advisers from acting only upon the best interest of the financial companies instead of the best interest of the investors. All major banks oppose this new rule former President Obama put in place. This rule is expected to take place April 10, 2017, but, not surprisingly, President Trump plans to scuttle it.

If your investment adviser recently called you and convinced you or tried to convince you to revamp your investment portfolio, especially with a sense of urgency, you likely may have been duped into paying higher fees.

Google npr.org all things considered: Financial Industry Groups Fear Trump Will Block Investor Protection Rule. And listen to the podcast from Feb. 2 by clicking on the play button in the upper right.

Gerrard Wilbur

Bradenton

This story was originally published February 11, 2017 at 3:45 PM with the headline "Best interests of financial firm, not client, on table."

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