It's June 9, and that means the Department of Labor's new fiduciary rule is now in effect.
The goal of the legislation is to improve the quality of advice you receive as an investor when it comes to your retirement, but I believe the opposite will happen.
The fiduciary rule is, in fact, a huge risk to your retirement.
Here's why, and more importantly, how you can protect your money (and profit) despite the government's ham-fisted approach.
The new rule is supposed to improve the quality of information you receive from anyone providing advice on a retirement by forcing them to put your interests ahead of theirs.
Sounds good in theory, right?
Sadly, I've never seen a government regulation that didn't have unexpected consequences.
Especially when it comes to your money.
The thinking is that the new rule will force advisors to take proactive steps that reduce the conflicts of interest inherent in every recommendation they make - not the least of which is receiving a commission for selling you something. Prior to this rule, all they had to do was disclose.
Wall Street would have you believe this is a very sophisticated process, but in reality they may as well be selling used cars. To their way of thinking, you're the one at risk if the "transmission" fails or an investment blows up. After all, they "told" you about the risks.
The new rule will...
To be clear, I'm all for protecting the consumer, which is ostensibly what the new rule is all about. I like the concept of making Wall Street accountable. But I'm not interested in doing so in a way that sees your profitability impacted and your success limited.
Thankfully, my team and I saw this coming a long time ago.
So, we did something about it that's worked out very well for every subscriber who's come on board over at our sister service, the Money Map Report.
We spent hundreds of hours combing through the financial back pages, through literally thousands of securities, and hand-picked a group of ten investments called "26(f) programs" - a moniker selected because it refers to the DOL code dating all the way back to the Great Depression era. Learn more here.
Many of you already know what these are (and hopefully have them in your portfolio, considering they're all profitable if you're following along as directed).
If not, there's still time for you to act - but barely.
Firms have until January 2018 to be in full compliance, which means they haven't gotten around to making your life hell and reducing your financial profitability dramatically... yet.
That means you can still pick up funds like those I'm recommending in the special "26(f)" report and have them "grandfathered" in when the full monty hits.
All of the opportunities, by the way, are still great choices and still very viable investments with the potential to help you build serious Total Wealth. I'm talking about adding $2,000... $5,000... even more to your income each month for the rest of your life, and I don't want you to miss out. Click here to get the full briefing on these incredible wealth-building opportunities.
Speaking of which, we're already deep into creating the webinar I promised as part of this week's "Dow 60K" article, and I can't wait to share it with you in the weeks ahead.
What you'll learn is a "game-changer" in the truest sense of the word.
The post Beware - New Fiduciary Rule in Effect Today appeared first on Total Wealth.
About the Author
Keith is a seasoned market analyst and professional trader with more than 37 years of global experience. He is one of very few experts to correctly see both the dot.bomb crisis and the ongoing financial crisis coming ahead of time - and one of even fewer to help millions of investors around the world successfully navigate them both. Forbes hailed him as a "Market Visionary." He is a regular on FOX Business News and Yahoo! Finance, and his observations have been featured in Bloomberg, The Wall Street Journal, WIRED, and MarketWatch. Keith previously led The Money Map Report, Money Map's flagship newsletter, as Chief Investment Strategist, from 20007 to 2020. Keith holds a BS in management and finance from Skidmore College and an MS in international finance (with a focus on Japanese business science) from Chaminade University. He regularly travels the world in search of investment opportunities others don't yet see or understand.