The Department of Labor wants to force stock brokers to meet the same fiduciary requirements as investment advisers according to an article in The Wall Street Journal of August 10th.
This means that your stock broker cannot advise you to buy or sell any particular stock because his brokerage firm may have a position in that stock. Since brokerage firms usually have positions in a large number of stocks and bonds, they will probably not be able to say yes or no on any buy or sell order you ask them for advice on.
The larger firms may not want to handle your small accounts anymore especially if they are managing your accounts.
So you might have to liquidate your IRA and move the money elsewhere.
By the way as soon as you liquidate your IRA into cash, you better be careful or the IRS will take a big tax bite out of your retirement funds.
Contact your Congressmen and make it known that you don't want the DOL to mess with your broker or your accounts!
Why the hell is the DOL getting involved with stock brokers anyway? That should be the SEC's business.
Please spread the word about this headache.
This means that your stock broker cannot advise you to buy or sell any particular stock because his brokerage firm may have a position in that stock. Since brokerage firms usually have positions in a large number of stocks and bonds, they will probably not be able to say yes or no on any buy or sell order you ask them for advice on.
The larger firms may not want to handle your small accounts anymore especially if they are managing your accounts.
So you might have to liquidate your IRA and move the money elsewhere.
By the way as soon as you liquidate your IRA into cash, you better be careful or the IRS will take a big tax bite out of your retirement funds.
Contact your Congressmen and make it known that you don't want the DOL to mess with your broker or your accounts!
Why the hell is the DOL getting involved with stock brokers anyway? That should be the SEC's business.
Please spread the word about this headache.
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