skip to main content
skip to newscasts

Thursday, September 19, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Alabama woman works to help returning citizens rebuild their lives; Marist polls: Harris leads Trump in Michigan, Wisconsin; they're tied in Pennsylvania; UAW contract negotiations at VW focus on healthcare, safety, wages; NC dentists warn of crisis due to low Medicaid reimbursement rates.

view newscast page
play newscast audioPlay

Rising threats of political violence, a Federal Reserve rate cut, crypto industry campaign contributions and reproductive rights are shaping today's political landscape.

view newscast page
play newscast audioPlay

A USDA report shows a widening gap in rural versus urban health, a North Carolina county remains divided over a LGBTQ library display, and Minnesota Gov. Tim Walz' policies are spotlighted after his elevation to the Democratic presidential ticket.

What You May Not Know About Your Financial Adviser

play audio
Play

Monday, August 24, 2015   

MADISON, Wis. – When a financial adviser gives you advice about where your money should be is that person telling you which investments will get him or her the highest commission, or which investments will actually be the best for your purposes?

That question has led the U.S. Department of Labor to propose a rule that would require the adviser to recommend what's best for the client.

Nancy LeaMond, national executive vice-president of AARP, says bad investment advice is a huge problem.

"Last year alone the hidden fees, the unfair risk and possible bad investment advice robbed Americans of as much as $17 billion,” she points out. “That's according to a recent study, and it's awfully hard to know how much is unreported."

LeaMond acknowledges that many retirement plans involve a multitude of complex decisions, and many financial advisers give great advice.

But she says too many are allowed to make recommendations that are really not in the client's best interest.

Financial planners who have earned certification as a CFP from the Institute of Financial Planning have pledged to put their client's interests first.

AARP supports the newly proposed regulations, which LeaMond says would serve clients' best interest by keeping fees and costs low, to protect retirement nest eggs.

"The Department of Labor issued proposed regulations this past April that will protect people against conflicts of interest and also require that anyone who gives financial advice only recommends investments that are in their client's best interest," LeaMond states.

Previously, employers managed pension investments for their employees, but today, most workers and retirees have to manage their own money.

LeaMond says that's why it's important that before you start a relationship with a financial adviser, banker, broker or fund manager that you ask that person point blank about what kind of recommendations he or she will make for you.

"Absolutely, it's very important to find out if that adviser is covered under the conflict of interest rule,” she emphasizes. “Now our hope is that down the road, anybody who gives financial advice will be acting in people's best interests."



get more stories like this via email

more stories
Recipients of the Greenhouse Gas Reduction Grant can now access funding to drive financing for thousands of climate-focused and clean energy initiatives. (bilanol/Adobe Stock)

Environment

play sound

Michigan's most vulnerable communities are receiving federal funding to fight the devastating effects of climate change. It's part of the $27 billion …


Health and Wellness

play sound

September is Health Literacy Month, and a Denver-based group is working to help health professionals break a persistent pattern of discrimination …

Environment

play sound

A new report contends fossil fuel funding has biased Columbia University's climate research. The report, by two Columbia students, shows the …


Alabama releases roughly 220,279 men and 78,247 women from its prisons and jails each year. (Chad Robertson/Adobe Stock)

Social Issues

play sound

An Alabama woman is on a mission to help people who've been incarcerated for decades successfully transition back into society. The mission to …

Health and Wellness

play sound

In North Carolina, the gap between Medicaid reimbursement rates and the actual cost of dental care has reached a crisis point, impacting both …

So far in 2024, community health centers in North Dakota have screened 11,580 patients for food insecurity. Through those screenings, more than three thousand box meals have been distributed. (Adobe Stock)

Social Issues

play sound

September is Hunger Action Month. In North Dakota, it isn't just food banks trying to help underserved populations get nutritious items. Health …

Environment

play sound

Marine biologists conducting deep dives near five California islands are collecting data they hope will strengthen the case for ending gillnet fishing…

Environment

play sound

Researchers at Iowa State University are taking aim at the huge amount of energy used by data centers, now and in the future. They have developed a …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021