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Message
Dept of Labor new fiduciary rules on IRAs ... ETA: Gov't will benefit ... cui bono
Posted on 5/15/17 at 5:48 pm
Posted on 5/15/17 at 5:48 pm
I welcome any comments, links to explanatory articles ... or maybe a previous thread? SIAP
I received mailings from advisor(s) indicating after June 9 I will no longer be able to buy stocks individually in my IRA ... said a lot of other stuff, too.
ETA: The new rules only apply to "full service" brokers i.e. Scottrade not affected.
One of my brokers' company will "no longer be able to charge a transactional fee" and will therefore charge an annual management fee of .... 1.25%. -- lol.
So, if you're say, Goldman Sachs and you hold billions in IRA accounts, you would now get 1.25% of the value of each IRA each year. Since this income is taxable, the company or counselor would pay of that, say, 33% in taxes.
This means the Federal Govt would receive 0.41% from every full service IRA in the nation ... annually.
Hence, IRA's are not taxed on their income, but on their value. Sweet.
I received mailings from advisor(s) indicating after June 9 I will no longer be able to buy stocks individually in my IRA ... said a lot of other stuff, too.
ETA: The new rules only apply to "full service" brokers i.e. Scottrade not affected.
One of my brokers' company will "no longer be able to charge a transactional fee" and will therefore charge an annual management fee of .... 1.25%. -- lol.
So, if you're say, Goldman Sachs and you hold billions in IRA accounts, you would now get 1.25% of the value of each IRA each year. Since this income is taxable, the company or counselor would pay of that, say, 33% in taxes.
This means the Federal Govt would receive 0.41% from every full service IRA in the nation ... annually.
Hence, IRA's are not taxed on their income, but on their value. Sweet.
This post was edited on 5/16/17 at 2:41 pm
Posted on 5/15/17 at 6:31 pm to Fat Man
Is this a personal advisor?
Sounds more like a plan change through your brokerage.
Sounds more like a plan change through your brokerage.
Posted on 5/15/17 at 7:53 pm to Fat Man
There are a ton of changes geared at homogenizing qualified accounts. All with the consumer's well being in mind of course. Thanks Obama.
Posted on 5/21/17 at 7:30 pm to Fat Man
It sounds like you're with Edward Jones. Move your accts to an independent advisor.
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