- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
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
3
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 7:27 pm to UltimaParadox
Winner, winner chicken dinner.
My thoughts, exactly.
My thoughts, exactly.
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 5/16/17 at 2:47 pm to iknowmorethanyou
From what I can tell (ETA to OP), the new rules benefit full service brokerage firms and the US Govt tax revenue.
1) Publicly complain about banks and Wall Street
2) Pass rule in Department of Labor that gives 1.25% of IRAs to brokerage firms.
3) Firms pay maybe 1/3 of that to US Treasury.
4) Give speech to firm for one hour, collect $400,000.
5) Nothing to see here.
1) Publicly complain about banks and Wall Street
2) Pass rule in Department of Labor that gives 1.25% of IRAs to brokerage firms.
3) Firms pay maybe 1/3 of that to US Treasury.
4) Give speech to firm for one hour, collect $400,000.
5) Nothing to see here.
Posted on 5/16/17 at 5:39 pm to Fat Man
Can someone explain to my dumb self how this would change my relationship with vanguard?
Posted on 5/16/17 at 8:38 pm to Skeezer
quote:
Can someone explain to my dumb self how this would change my relationship with vanguard?
If your IRA is self directed, not at all. If you have a "full service broker," I don't know.
Posted on 5/17/17 at 7:45 am to Fat Man
Cool. Mine is self directed.
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.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News