Financial industry battle

Will financial industry be able to stay above the water in the terms of retirement advisers regulation? Many of the analysts think they won’t, including  . Never the less, they manage to go to the next round, to the last-minute discussion of Congressional spending. Large number of the Republicans have already been supporting their case and by every new day there is more Democrats backing them.

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They are hoping that some other priorities well help them in their efforts. If the government administration decides to go with some more urgent matters and more sensitive issues, such as antiabortion measures and security problems that are linked with recent terrorist attacks, rules’ opponents stays hopeful with idea that administration could sign off on some compromise and give some extra time before go to make changes to the current retirement advice proposal  moved here  .
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Also they are hoping for chance to insert the provision in an unrelated bill required to avert a government shutdown, and they have a time until the Friday, December 11.

calculatrice_et_graphs__c__gunnar3000_-_Fotolia.com_12The rule requires brokers and financial advisers to act in the “best interest” of retirement savers. In other words the rule proclaims much higher standard than current regulations. And that will be the first update after four decades of the government investment advice regulations.
The main idea of new rule is to lower the cost of retirement savings, which could be possible with eliminating the potential conflict between the interests of people who are offering investment advices and companies that are selling financial products at time when individuals are building their own safety ground through IRAs And 401(k) programs, which have changed the old perception of pension funds that were the symbol of guaranteed life-long benefits.

The financial industry hoping that they could find enough power in the Congress to deny proposal, saying that proposal will kick out many financial advisers out of business and raise the compliance costs.

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