What's in Your Best Interest?

by Matt Ahrens, CIMA® 

You may have heard that a recent Department of Labor (DOL) rule went into effect June 9th that requires financial advisors to act in their clients’ best interest when managing retirement plans or advising rollovers out of retirement plans.  At Integrity Advisory, we have always been required to act as a fiduciary and put our clients’ best interests first.  We have been strong advocates for requiring all advisors to act as fiduciaries when advising clients, and we feel that this rule is an initial step that will hopefully move our industry forward.

The DOL rule change will have little impact on you as an investor with us.  If you reach retirement age and want to roll your retirement funds into an IRA account you are still allowed to do so, but with additional disclosures.  These disclosures will only help you make a smarter choice about your retirement savings.  For those folks not currently working with fee-only advisors, it will hopefully make them more aware of the impact and financial costs of their decisions.

Transparency of costs will help to educate the public, and hopefully force some management firms to lower their fees (we are already seeing this happen).  Forcing advisors to act in the best interest of their clients will financially hurt those advisors that sell products for commission, but it’s the right thing to do.  Here is a short video that includes additional information on what it means to be a fiduciary (click on image below to view video). 




“Surround yourself with good people.  People who are going to be honest with you and look out for your best interests.”

                   Derek Jeter

“Every mountain top is within reach if you just keep climbing.”

                   Barry Finlay

Quotes selected by the IA staff

“The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will.”

                   Vince Lombardi

“Keep your sense of humor.  There’s enough stress in the rest of your life to let bad shots ruin a game you’re supposed to enjoy.”

                    Amy Alcott


Tony Moeller, CPA

The information listed in this commentary is a compilation of various publicly available sources and is for informational purposes only. It is not a recommendation or solicitation of any investment or strategy. A risk of loss is involved with investments in the stock and bond markets.

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