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wall street ready to unravel while donny calls for bank deregulation


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31 minutes ago, Snoslinger said:

hmmm, i just read a post from dependsbuster that indicated people voted in trump to reel in wall street :dunno:

 

Woolie? 

 

:lol: 

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41 minutes ago, Snoslinger said:

hmmm, i just read a post from dependsbuster that indicated people voted in trump to reel in wall street :dunno:

 

Link?    The new DOL fiduciary rules are a fucking mess btw.  I'm all for reeling in Wall Street, but these rules are so complex that the only ones who will benefit will be as usual, the lawyers.

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11 minutes ago, DriftBusta said:

Link?    The new DOL fiduciary rules are a fucking mess btw.  I'm all for reeling in Wall Street, but these rules are so complex that the only ones who will benefit will be as usual, the lawyers.

Is that the Edward Jones company line?  :news:

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13 minutes ago, SnowRider said:

Is that the Edward Jones company line?  :news:

Thats the line of almost any FA or admin who's had to deal with the law.  Our managing partner keeps trying to put a positive spin on this turd of a law, so no, its definitely not the company line.  Many smaller players just decided to get out of the retirement investment business, because their business model was based on transactional sales, which are much harder to do now.  Others now won't talk to you unless you have at least 250k, sometimes 500k, or you get a 1-800 number.  Good luck with that solution.  So much for the small investors, who are the majority of investors.  The old days we could keep A share mutual funds with stocks, bonds, ETFs whatever all in one account.  Now many of them have to be kept in separate accounts.  And only for qualified money (retirement plans).  WTF difference should it make what kind of investment it is, or whether its qualified or not?  You can grand father existing accounts, but unless its set up with a SWPS, you can't continue to contribute to it.  If you suspend the SWPS, its done, you can't resume it.  You can't swap out one fund for another if the 12b 1 fees are higher.  Talk about throwing the baby out with the bath water.  So the level fee solution, which is the intent of the law, is a fee based account.  Over time, consumer pays more this way, unless they're actively trading.  Most don't.  Great law.  Not.  The complexity and paperwork is confusing and annoying for all concerned.  They keep tweaking and updating the law, so our procedures, literature, training, etc., has to change with it, literally monthly.  I could go on, but you probably don't even understand what i just wrote so far. :lol:  The law is basically an albatross, just like Obamacare.

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1 hour ago, Snoslinger said:

hmmm, i just read a post from dependsbuster that indicated people voted in trump to reel in wall street :dunno:

 

Still waiting for that post i supposedly made.  I don't remember making it.  Trump is pro business, pro middle class.  What ever he does, is based on that.  I was actually surprised he let the law go into place on June 8.

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10 hours ago, DriftBusta said:

Link?    The new DOL fiduciary rules are a fucking mess btw.  I'm all for reeling in Wall Street, but these rules are so complex that the only ones who will benefit will be as usual, the jews.

Well they write the rules. 

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