Good god!
From the article:
There is an adage in the financial advisor world – go after money in motion.
That is, focus your attention on engaging with people who are retiring and changing investment strategies, people who have obtained settlements, people who have just received inheritances. These people are the best potential new clients as they need solutions. People who have settled into an annuity are unlikely to rip up their financial life and put their nest egg into a new financial vehicle, and even less likely to work with a new advisor. Get the money while it is in motion.
The federal government seems to have noticed that a whole bunch of money, much of the almost $20 trillion currently held in retirement accounts in the US, is about to get moving as the baby boomers retire. They want a piece of the action and Dodd-Frank may offer the Feds a way to weasel into your 401k.
(From Bloomberg)
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.
“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.
http://www.againstcronycapitalism.or...age-your-401k/
Really? Is this what you voted for? You were warned!
