BUZ LIVINGSTON: Comedy, fiduciary standards and financial terrorism – Opinion – Walton Sun

Bob Veres strikes an unusual pose at financial planning conferences, his beard and pony-tail being more avant-garde than typical attendees.

Despite his unconventional veneer, Veres has iconic stature among financial planners and does industry commentary-in person, in print or online. He recently fired a shot at the financial services/retirement cabal, labeling them “financial terrorists” for their dogged opposition to fiduciary standards.

Anyone living and working in South Walton knows all too well about financial terrorism but that’s another day’s story.

According to testimony at the Security and Exchange Commission’s website, all the heavy hitters, insurance companies, big brokers and banks remain foursquare against a fiduciary standard for their clients. Veres dismisses their argument likening them to clumsy hostage takers and bumbling blackmailers. But Bob is much too serious and misses the comedy.

These industry big-shots claim a fiduciary standard will mean a reduction in the number and types of products offered to people with investable assets less than $250,000. Newsflash: Most Americans have much less than $250,000 to invest. It’s got to be a joke, right? Variable annuities will still be sold for less than $250,000. Who’s kidding who? Maybe with a fiduciary standard, the salesperson couldn’t claim annuities were commission free or mislead about annual costs.

Last month, the Washington, D.C., Theater of the Absurd topped itself.

A liberal group signed, sealed and delivered a letter to the Securities and Exchange Commission. As members of the Black Congressional Caucus, they were ostensibly worried a fiduciary standard would disproportionately affect black constituents and their ability to save.

1 2 3 4

Next

All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

▲ Return to Top

You Might Be Interested In

Dr. Robert Leonard Ignasiak found in Coral Springs (Walton Sun)

‘No charge for a charge’ Seaside’s electric car chargers lead the way (Walton Sun)

ORTNER’S ORDERS – ‘A student of the game’: QB lets it fly for Seahawks (Walton Sun)

LETTER: Dollar General does not fit Inlet Beach (Walton Sun)

African Children’s Choir tours in South Walton (Walton Sun)

Chan’s Beer of The Week (Walton Sun)

From Around The Web

Is a massive rebalancing of the world’s economic, political and social power underway? (Merrill Lynch: Wealth Management)

10 Things BlackBerry Z10 Does That iPhone Can’t (CIO)

Top Housing Expert Forecasts Huge Appreciation in Housing Market (Merrill Lynch: Wealth Management)

Wells Fargo Reimagines the Bank Branch (WSJ)

10 Worst States for Retirement (Kiplinger)

Wearable Commerce: The Future of Tech (MasterCard Newsroom)

[what’s this]

via BUZ LIVINGSTON: Comedy, fiduciary standards and financial terrorism – Opinion – Walton Sun.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s