# Dept of Labor new fiduciary rule



## tambo (Mar 28, 2003)

Has this effected any ones IRA account? It's going to effect my account at Edward Jones, so I need to try to educate myself as much as possible before I go in to discuss it with them.


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## mnn2501 (Apr 2, 2008)

From what I read it'll make it more safe from unscrupulous account managers, however is is over 1000 pages of legalese, so.....?

See http://www.investopedia.com/updates/dol-fiduciary-rule/


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## Micheal (Jan 28, 2009)

In the Aug 20017 issue of Money there is an article about "The new financial rule you need to know about." 
Do not know if'n its on-line or not...... They go through the why(s) you could be notified by your broker and what the broker may now be offering, etc.. 
If the article is not on-line it may be worth picking up a copy of the mag?


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## Micheal (Jan 28, 2009)

Opps didn't answer your question - no it has had no effect on my IRA. 
When I turned 69 I rolled all of my IRA's (3) into the one I had with Vanguard. Once I turned 70 I started RMD and there I am...


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## Declan (Jan 18, 2015)

tambo said:


> Has this effected any ones IRA account? It's going to effect my account at Edward Jones, so I need to try to educate myself as much as possible before I go in to discuss it with them.


The main thing is that fees may be switched from a percentage to a flat fee. Unless you seek advice from a broker, it shouldn't affect you much. What it really does is stops them from pushing investments that may not be in the client's best interest. I assume being in an IRA you invest in whichever funds, so you are not going to get a lot of the hickier stuff some of the people did in the past


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## Jolly (Jan 8, 2004)

FINRA has always specified that financial agents should act in a client's best interests, but that can be interpreted different ways. Some financial firms were infamous for churning accounts to increase commissions. The law tightens some of this up.

That's the short version. The long version is a lot more complicated and there are some things I don't even understand...And I carry a 6, 63 and 65 financial licenses.


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