3 comments
I will say that pretty much every professional financial organization (CFA, CPA, CGMA, etc..) have folded fiduciary rules/duty into their membership rules since the 2008 crisis, so if there are improprieties with a member of these organizations (which are expensive and difficult to get, and are frequently required by many organizations) you can report them are have their memberships and potentially any associated licenses pulled. 2008 scared the living shit out of a lot of these organizations.
I will say that pretty much every professional financial organization (CFA, CPA, CGMA, etc..) have folded fiduciary rules/duty into their membership rules since the 2008 crisis, so if there are improprieties with a member of these organizations (which are expensive and difficult to get, and are frequently required by many organizations) you can report them are have their memberships and potentially any associated licenses pulled. 2008 scared the living shit out of a lot of these organizations.
So a rule that was not in place until 2016, but the courts ruled against, at most 2 years later, threatens everyone's retirements funds.
because banks and fund managers are going to intentionally lose money in order to get better pay for themselves one year without this rule, that was not in place until less than 2 years ago.
Maybe we don't need a government law for every situation and scenario. Maybe people actually do a good job, because it is the right thing to do, not because the government decreed it.
I know Bloomberg wants a nanny state, but this is ridiculous. If you don't trust your account/fund manager, and you are seeing poor results against the average (or the market), you simply move the funds with a few mouse clicks to a new company and account/fund manager. You are not stuck with a particular account manager. I know in the past, I have forced the banking institution I work with to change me to a different account manager, because we did not agree on the strategy of my funds (he wanted to use "computer trending analysis" style to generate paper increases through equity only valuation increases, and I wanted income generating stocks and bonds and use proceeds to repurchase more shares for that account. I have a work 401(k) that is already market and equity driven. I don't need every account to follow the same pattern.) So, they switched me a different group that was income generating in style. It took about 30 minutes on the phone.
I am so tired of being told that if the government doesn't do something, either it can't be done, or we are all going to die!
So a rule that was not in place until 2016, but the courts ruled against, at most 2 years later, threatens everyone's retirements funds.
because banks and fund managers are going to intentionally lose money in order to get better pay for themselves one year without this rule, that was not in place until less than 2 years ago.
Maybe we don't need a government law for every situation and scenario. Maybe people actually do a good job, because it is the right thing to do, not because the government decreed it.
I know Bloomberg wants a nanny state, but this is ridiculous. If you don't trust your account/fund manager, and you are seeing poor results against the average (or the market), you simply move the funds with a few mouse clicks to a new company and account/fund manager. You are not stuck with a particular account manager. I know in the past, I have forced the banking institution I work with to change me to a different account manager, because we did not agree on the strategy of my funds (he wanted to use "computer trending analysis" style to generate paper increases through equity only valuation increases, and I wanted income generating stocks and bonds and use proceeds to repurchase more shares for that account. I have a work 401(k) that is already market and equity driven. I don't need every account to follow the same pattern.) So, they switched me a different group that was income generating in style. It took about 30 minutes on the phone.
I am so tired of being told that if the government doesn't do something, either it can't be done, or we are all going to die!
In general it is best to know the rules and research the options yourself. If you plan to build any reasonable amount of wealth, it would be foolish not to formulate a general plan yourself, and in the age of the internet there is no excuse for ignorance. This isn't rocket science, and if you don't look out for your own money, don't expect others to make the best decisions for you.