Americans likely lose about $17 billion from retirement savings every year because of bad financial advice from advisors with conflicts of interest, according to a 2015 report by the White House Council of Economic Advisors. Even though the implementation of the so-called fiduciary rule has been delayed and possibly scrapped for good due to the recent executive order signed by President Trump calling for a review of the rule, financial companies have already spent money and time to comply. For example, Merrill Lynch said it was going to stop offering commission-based retirement accounts in order to comply with the new rule. Those companies may not change course even if the rule is rescinded. Regardless of whether the fiduciary rule lives on or not, consumers should use caution when selecting a financial advisor. Ask your financial advisor if he or she is a fiduciary. If not, then be aware that the advisor is not required to act in your best interest. You should always check your financial advisor’s experience and credentials.
- Why Do Estate Plans Fail and Not Work as Intended? The Answer Lies Below …
- “Your Home, Your Deed, Your Legacy – Ensuring Stability in Baltimore City through Legal Services” co-authored by Olivia Holcombe
- Elville and Associates’ Principal Stephen R. Elville Partners with University of Maryland Autism Research Consortium for Nationwide Webinar Series and Panel Discussion
- The Future of Pro Bono in Maryland
- Elville and Associates Partners with Maryland ABLE to Offer Special Needs Planning Workshop to Harbour School at Annapolis Parents
- Lindsay V.R. Moss, Esq., Becomes Partner at Elville and Associates, P.C.
- A Guide for Making Room for Grief in Work & Life
- How One Thing Might Lead to Another
- How Will My Agent Know Where My Property Is – and How to Access It? The Maryland Fiduciary Access to Digital Assets Act, Digital Storage Options, Safe Deposit Boxes, and Good Old Fashioned Record-Keeping
- The Movement to Improve End-of-Life Health Care Planning