April 10, 2017 2:49 AM Post-Gazette.com JPMorgan Chase's Jamie Dimon knows what the problems are April 10, 2017 12:00 AM Mark Lennihan/Associated Press Jamie Dimon, chairman and CEO of JPMorgan Chase & Co. Trump administration’s decisionto push back the impending implementation of a standard that would require more investment advisers to put their clients’ interests ahead of their own has spawned a “retirement ripoff counter” that is tracking how much the delay is costing those saving for retirement. On Tuesday, the U.S. Labor Department delayed implementation of the so-called fiduciary standard for 60 days while it considers rewriting the rule. The proposal has been sharply criticized by the U.S. Chamber of Commerce, the Investment Company Institute and other interest groups in the investment business that believe the standard will harm investors. U.S. Sen. Elizabeth Warren, D-Mass., AFL-CIO President Richard Trumka, and two consumer groups started the counter the next day. They estimate the conflicted advice that investment advisers can offer because of the delay will cost Americans $46 million a day, $1.9 million per hour, and $532 per second. The projections are based on estimates the White House Counsel of Economic Advisers made under then-President Barack Obama. Proponents of the standard say that without it, investment advisers can safely steer clients to more costly, poorer performing investments that pose greater risks and reward advisers with larger commissions. Over 30 years, the conflicted advice means a retiree will run out of money five years sooner than someone who received unconflicted advice, proponents of the measure says. Wherever the truth lies in this regulatory ruckus, it’s all the more reason to be careful out there. Always ask your adviser what they are collecting for the help they are giving you. Len Boselovic:lboselovic@post-gazette.com or 412-263-1941
Robo advisers are the way to go. There's really no need for human in finance anymore. Can't beat the benchmark, go do something else. As for Dimon, Jamie Dimon’s Shareholder (Advocacy) Letter. I laughed.
Yes, but which robo will you choose? There will be more robos than their are humans now. And each one of those robos will need a salesman. Some robos just keep you 60% long all the time no matter what. Some robos hedge. Some robos attempt to time. And then there is me, just 100% long VTSMX forever.