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Putting their clients' interests first. Something so obvious but at the same time so difficult to find among financial advisors and bankers is what a new law promoted by the US Department of Labor is going to regulate, for the time being only advisors who specifically recommend investments for their clients' old age (retirement investments and 401k). Perhaps in time this law will also be extended to all other non-specific advice for old age or retirement, although it seems unlikely that one day we will see something similar for all other advisors\/bankers\/real estate salesmen, home insurance, etc.<\/p>\n
This law will also apply to any type of adviser dealing with this sort of retirement investment. In other words, not only must \u00abretirement advisers\u00bb comply with it, but also brokers, registered investment advisers (RIAs), bankers, insurance agents and even solicitors, provided they are offering advice that affects their clients\u2019 retirement (you have to start somewhere). They must therefore act in their clients\u2019 best interests rather than their own. And this magic phrase carries with it a tacit ban on charging commissions \u2013 or any other form of remuneration \u2013 that is not passed on to the client themselves for the sale of products related to their retirement. Gone are the days of making a fortune by selling complex products that are unsuitable (to put it mildly) for the later years of long-suffering, uninformed and exploited clients.<\/p>\n
If similar legislation had been enacted with a firm hand in Spain a few years ago \u2013 and not just in relation to pensions \u2013 things would have turned out very differently for the many, many savers who have fallen victim to the ruthless marketing of toxic products. Products that have ruined their present, their future retirement and, in some cases, even the well-being of their descendants.<\/p>\n
This US law may well come in time to minimise, to some extent, the damage looming over pensioners. Just before the rampant abuse of fixed-income investments wipes out the returns on countless pension and retirement schemes in the coming years, as soon as this fateful credit bubble \u2013 which central banks are fuelling day after day \u2013 bursts. These are certainly hard times for pensioners and savers, but if the law does eventually come into force, at least Americans will be a little less defenceless against the greed and lack of ethics of their advisers.<\/p>","protected":false},"excerpt":{"rendered":"
Velar primero por los intereses de sus Clientes. Algo tan obvio pero a la vez tan dif\u00edcil de encontrar entre los asesores financieros y banqueros, es lo que una nueva ley promovida por el Departamento de Trabajo de los EE.UU va a regular, de momento s\u00f3lo a los asesores que se ocupan espec\u00edficamente de recomendar […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54,51,39,40,52,37,48,55],"tags":[],"class_list":["post-4035","post","type-post","status-publish","format-standard","hentry","category-asesoramiento-patrimonial-deportistas-artistas","category-banca","category-crear-mi-propio-family-offices","category-gestion-financiera","category-asesoramiento-patrimonial-multi-family-office","category-reflexion","category-asesoramiento-patrimonial-multi-family-office-crear-mi-propio-family-offices","category-necesito-un-family-office"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/4035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=4035"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/4035\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=4035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=4035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=4035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}