The much talked about Fiduciary Ruling expected from the Department of Labor has been delayed until July 1st, 2019. Now, I understand some of the reason for the delay. I even have a client who is an attorney for a major insurance company, and this person is leading the task for the company in dealing with DOL alternatives. Obviously, there are some issues when it comes to this ruling. After all, we have FINRA, the SEC, and now the DOL already involved. So when you add the 50 states with various interpretations of the rules of all three different regulatory bodies, what we really have is a mess. Here’s why I’m on a rant about it though.
When it comes to frugality, most people would agree being thrifty is usually a good character trait. However, when it comes to your financial future that probably isn’t the best area to skimp. With more and more people turning to financial advisors, there are still many that chose to go at it alone. Some believe they can handle it all their own, while others are simply scared of how much it will cost them. They fear overpaying an advisor.
Sometimes when dealing with someone you consider an expert, it may seem overwhelming to question what they are telling you—especially when that person is your financial advisor. However, we are all human and make mistakes. Questioning can lead to many great discussions and help keep communication channels open. So how do you properly question your advisor without coming across the wrong way?