I personally think the fiduciary rule is a good thing; yes, it’s true that the level of effort will increase for financial professionals, so you may need to save your money for a bit to meet the minimum, but it’s worth it. I did this all by myself; waited until I had $20k so I could get someone to help me plan my financial future who wasn’t working for the other team. Best decision I ever made.
20k? Really? No offense, I am impressed by your determination.
There are those of us who are much older and have no where to hide!
Your screen name fits well. $14 trillion held in private retirement accounts. Now the feds (Obama) has started down the road to regulatory confiscation. First it was MIRA, forcing private employers that don’t offer 401ks to there employees to fund MIRAs, shortly thereafter onerous regulations that may force out small investment firms due to over reaching regulations that may be to expensive to comply with.
Leaving only large financial institutions able to manage your funds, fattening them up and leaving fewer choices for private investors. It’s a very short hop, skip, and jump to regulations empowering the feds to manage your retirement and eventually controlling your 401k under federal authority. Presto changeo look at that, the feds have now magically found $14 trillion. Aren’t they wonderful? National debt nearly Z-ed out in a couple regulatory moves. Your money is no longer yours but the feds to do with as they see fit.
Doubt me? think I’m a conspiracy nut? Look around, negative interest rates in Europe and Japan, US debt ay 100% of GDP. Next stop confiscation, bet on it.
I spent all my money on booze, boats and broads. The rest, I wasted.