Are Your Retirement Savings at Risk?

04money-web1-articleInlineOur Comment by J. David Lewis Several days ago, I came across a column, “Why Paying for Financial Advice Makes Sense” by Ron Lieber. It resonates with my 30 years’ experience meeting clients who eventually had reasons to pay fees they understand and accept. The questions Mr. Lieber set out to answer were:

“Why is it so hard for any start-up or established company to provide the right kind of financial planning to large numbers of people?”

“And what is so wrong with all of us that we are unwilling to pay for the good stuff when it is being offered?”

The title felt uncomfortably self-serving for a fee-only financial advisor to publicly recommend, until the U.S. Department of Labor published “DOL Fiduciary Rule – Summary of DOL Fact Sheet.” It appears to foretell new rules that just might be the most encouraging protection I have seen yet for IRA investors and retirement plan participants. In my search for the proposed rule’s text, I found a 1-minute Department of Labor video I want you to see – “Are Your Retirement Savings at Risk?”

With that video as background, I hope you can read Lieber’s column, without feeling I am self-serving in recommending it. Actually, if you read to the end, he offers resources for finding high quality advisors that do not lead to Resource Advisory Services. If you search for an advisor in these resources, and do not choose Resource Advisory Services, I cannot feel troubled. Of course, Lieber includes my favorite, National Association of Personal Financial Advisors (NAPFA), which will find a list I consider exceptionally reliable.

I know many of these advisors and can now feel comfortable recommending you click “Why Paying for Financial Advice Makes Sense” by Ron Lieber. Then, think about how much quality financial advice is worth to you, when you know the advice is in your best interest and how much you are paying for it.

The entire text of the Department of Labor’s rule is here – “Definition of the Term “Fiduciary”; Conflict of Interest Rule – Retirement Investment“.  Although it is long, the Executive Summary is much shorter. 

Contact J. David Lewis with He is a passionate advocate for fiduciary, fee-only financial planning and has been associated with financial services since childhood in a banking family. He founded Resource Advisory Services in 1985. National Association of Personal Financial Advisors (NAPFA) was formed only a few years before. Lewis became a NAPFA-Registered Financial Advisor in 1986. In 2013, he began a three-year term on its National Board of Directors

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