{"id":16122,"date":"2023-11-06T15:31:20","date_gmt":"2023-11-06T21:31:20","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=16122"},"modified":"2023-11-06T15:31:20","modified_gmt":"2023-11-06T21:31:20","slug":"new-retirement-savings-rule-putting-your-interests-first","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/new-retirement-savings-rule-putting-your-interests-first","title":{"rendered":"New Retirement Savings Rule: Putting Your Interests First"},"content":{"rendered":"<p><strong>The U.S. Department of Labor announced Oct. 31 a proposed rule to expand the scope of <a href=\"https:\/\/www.dol.gov\/sites\/dolgov\/files\/ebsa\/temporary-postings\/retirement-security-rule-definition-of-an-investment-advice-fiduciary.pdf\">investment advice from a financial professional that would be considered a &#8216;Fiduciary&#8217;<\/a> under the Employee Retirement Income Security Act and Internal Revenue Code.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Aligned with the Biden-Harris administration\u2019s efforts to help protect retirement investors, the proposal would require trusted investment advisers to adhere to high standards of care and loyalty when they make investment recommendations and avoid recommendations that favor their financial and other interests at the expense of retirement savers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this blog, we&#8217;ll explore this new rule, the role of a Fiduciary, and how working with one can help secure your financial future.\u00a0<\/span><\/p>\n<h4><b>The Retirement Security Rule<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">One of the primary motivations behind the <\/span><a href=\"https:\/\/www.whitehouse.gov\/cea\/written-materials\/2023\/10\/31\/retirement-rule\/#:~:text=Today%27s%20proposed%20Retirement%20Security%20rule,of%20mind%20about%20their%20portfolios.\"><span style=\"font-weight: 400;\">Retirement Security Rule<\/span><\/a><span style=\"font-weight: 400;\"> is to close &#8220;loopholes&#8221; in existing regulations. Previously, some financial professionals could recommend investment products that paid them higher commissions, even if those products were not necessarily the best options for their clients. This created conflicts of interest that could result in individuals making less-than-optimal investment choices for retirement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Retirement Security Rule, proposed by the Department of Labor, is a significant step toward protecting clients&#8217; retirement savings. <\/span><\/p>\n<h4><b>The Proposed Benefits to Retirees<\/b><\/h4>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\" wp-image-16137 alignleft\" src=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/JWIM-Blog-Images-12-200x300.png\" alt=\"\" width=\"301\" height=\"452\" srcset=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/JWIM-Blog-Images-12-200x300.png 200w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/JWIM-Blog-Images-12-683x1024.png 683w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/JWIM-Blog-Images-12-768x1152.png 768w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/JWIM-Blog-Images-12.png 800w\" sizes=\"(max-width: 301px) 100vw, 301px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The new rule is all about safeguarding retirees and helping to ensure their financial interests come first. It applies to financial professionals, like investment advisors, brokers, and insurance agents, who help with retirement-related decisions. <\/span><span style=\"font-weight: 400;\">Here&#8217;s how it works:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Putting You First:<\/b><span style=\"font-weight: 400;\"> The rule clarifies that these professionals must prioritize your financial well-being. When you seek advice regarding your retirement savings, Fiduciaries must recommend products and strategies that genuinely benefit you, not just what helps them earn more money.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closing the Gaps: <\/b><span style=\"font-weight: 400;\">Before this rule, some financial products, like commodities or certain insurance products, weren&#8217;t fully covered by the Fiduciary standard. Instead, individual states regulated advice related to these investments. The new rule aims to close these gaps, helping to ensure you receive the same level of protection regardless of the type of investment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Help With Employer-Sponsored Plans:<\/b><span style=\"font-weight: 400;\"> The new rule will help cover advice to roll assets out of employer-sponsored plans such as 401(k)s. This advice impacts around 5 million people every year. <\/span><a href=\"https:\/\/www.dol.gov\/sites\/dolgov\/files\/ebsa\/temporary-postings\/retirement-security-rule-definition-of-an-investment-advice-fiduciary.pdf\"><span style=\"font-weight: 400;\">In 2022 alone, Americans moved about $779 billion from their 401(k)s to IRAs<\/span><\/a><span style=\"font-weight: 400;\">. The rule can help ensure that this advice is in your best interest.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In a nutshell, this new rule can help close gaps in regulation and help ensure that your retirement choices align with your goals. It&#8217;s a significant step toward protecting retirees and helping them secure their financial future.<\/span><\/p>\n<h4><b>Working with a Fiduciary<\/b><\/h4>\n<p><img decoding=\"async\" class=\"wp-image-16135 alignright\" src=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/7-200x300.png\" alt=\"\" width=\"272\" height=\"408\" srcset=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/7-200x300.png 200w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/7-683x1024.png 683w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/7-768x1152.png 768w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/11\/7.png 800w\" sizes=\"(max-width: 272px) 100vw, 272px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The DOL proposal states financial advice must be \u201cprovided under circumstances indicating that the recommendation is based on the particular needs or individual circumstances of the retirement investor and may be relied upon by the retirement investor as a basis for investment decisions that are in the retirement investor\u2019s best interest.\u201d One of the key ways to help secure your retirement savings, which are protected under the Retirement Security Rule, is to work with a Fiduciary. A <a href=\"https:\/\/johnsonwim.com\/iowa-fiduciary-services-part-6-lifestyle-balance\">Fiduciary<\/a> is a financial professional legally bound to act in your best interests. When you work with a Fiduciary, you can have confidence that the advice and recommendations they provide are design<\/span><span style=\"font-weight: 400;\">ed to help you achieve your retirement goals.<\/span><\/p>\n<p><a href=\"https:\/\/johnsonwim.com\/resources\"><span style=\"font-weight: 400;\">Here are some advantages of working with a Fiduciary:<\/span><\/a><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Objectivity:<\/b><span style=\"font-weight: 400;\"> Fiduciaries are legally obligated to put your interests first, which means they are less likely to recommend products or strategies that may benefit them more than you.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Transparency: <\/b><span style=\"font-weight: 400;\">They must provide clear and transparent information about fees, commissions, and potential conflicts of interest. Fiduciaries can help you make more informed decisions about your retirement savings.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Accountability: <\/b><span style=\"font-weight: 400;\">Fiduciaries can be held accountable for their actions and recommendations. If they fail to act in your best interests, you have legal recourse to seek remedies.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Working with Fiduciary advisors like the <\/span><a href=\"https:\/\/johnsonwim.com\/our-team\"><span style=\"font-weight: 400;\">Johnson Wealth and Income Management<\/span><\/a><span style=\"font-weight: 400;\"> team can help provide valuable guidance and support around your investment and asset preservation strategies. We aim to provide unbiased advice in harmony with your financial goals and needs, providing impartial advice whenever you need it most.\u00a0<\/span><\/p>\n<h4 class=\"wp-block-heading\">Fiduciary vs. Non-Fiduciaries<\/h4>\n<p><span style=\"font-weight: 400;\">There are a few ways to quickly tell a Fiduciary from a non-Fiduciary financial advisor. Financial advisors who are Fiduciaries will want to know your history, including your family, investment history, hopes and future dreams. A non-Fiduciary could be more concerned with what they can sell you\u2014and probably less concerned with your particular situation or needs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some ways to distinguish a Fiduciary vs. non-Fiduciary financial advisor include if your financial advisor is <a href=\"https:\/\/johnsonwim.com\/our-team\">registered with the SEC\u00a0<\/a>or state securities regulators, they are required to act as Fiduciaries in at least some situations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fiduciaries also typically have long-standing relationships with several trusted and vetted industry partners such as estate planning attorneys and insurance brokers, who share their approach to acting in their clients\u2019 best interests. A\u00a0<a href=\"https:\/\/johnsonwim.com\/services\">full-service Fiduciary<\/a>\u00a0should help with:<\/span><\/p>\n<ul>\n<li>Retirement planning<\/li>\n<li>Tax Options<\/li>\n<li>Investment Decisions<\/li>\n<li>Estate Planning<\/li>\n<li>Insurance Options<\/li>\n<li>Money Management<\/li>\n<li>Lifestyle Balance<\/li>\n<\/ul>\n<h4 class=\"wp-block-heading\">When to Use a Fiduciary Advisor<\/h4>\n<p><span style=\"font-weight: 400;\">We believe clients are almost always better off using a Fiduciary. In fact, there\u2019s rarely a reason not to use a Fiduciary when preparing for retirement. However, you may not need a Fiduciary if you don\u2019t want an advisor to manage your account on your behalf or even make recommendations. If you want an advisor to simply execute transactions or to buy insurance, there\u2019s no need to use a Fiduciary.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many reasons have been offered by those preferring not to operate according to a Fiduciary standard. Remember the main issue for investors, though; would you rather have an advisor guide you in a way that is solely in your best interest, or something less?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even if you just want to help ensure that you get unbiased investment recommendations, then it\u2019s a good idea to use a Fiduciary vs. a non-Fiduciary financial advisor. But how would an investor know if their advisors adhere to this fiduciary standard? Three criteria, provided by the Department of Labor, suggest that to demonstrate compliance, advisors and\/or financial services firms should:<\/span><\/p>\n<ol>\n<li>State, in writing, that the firm commits to providing advice in the client\u2019s best interest at all times<\/li>\n<li>State, in writing, that the firm has adopted policies and procedures designed to mitigate conflicts of interest<\/li>\n<li>Clearly and prominently disclose any conflicts of interest, like less-than-transparent fees or backdoor payments that might prevent, or provide a disincentive to, the advisor from providing advice in the client\u2019s best interest<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">If your investment advisor ISN\u2019T working with your best interests at heart, then how can you trust that they are making decisions that will benefit you in the long-term?<\/span><\/p>\n<h4 class=\"wp-block-heading\">Full-Service Fiduciary Services from Johnson Wealth and Income Management<\/h4>\n<p><span style=\"font-weight: 400;\">As Iowans, we long have prided ourselves in being middle Americans \u2014 working hard and enjoying a lifestyle of moderate measures. We are a full-service financial firm that provides an array of services to our clients in the state of Iowa.\u00a0 From tax planning to investment strategies, our commitment is to help you work towards achieving all your financial goals and to help provide you with a \u201cworry free\u201d retirement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead of looking out across this state and being satisfied with how things are today, we look out and see tremendous financial opportunity and growth on the horizon. When you work with us, we don\u2019t just ask about your financial situation. We want to know about your broader life circumstances, because we believe the more we learn about you, the more effectively we can help you with thoughtful financial advice for your unique situation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Are you currently working with a non-Fiduciary investment advisor and looking for some guidance? You can trust that our advisors will always put your needs ahead of their own. It\u2019s our legal obligation to you as fiduciaries, but it\u2019s also simply the right thing to do.<\/span><\/p>\n<h4><b>Final Thoughts<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The proposed Retirement Security Rule by the Department of Labor is a positive step towards enhancing the protection of retirement savers. By requiring financial professionals to prioritize their client&#8217;s best interests, this rule helps to ensure that individuals receive sound advice without conflicts of interest.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Johnson Wealth &amp; Income Management, our <a href=\"https:\/\/johnsonwim.com\/our-team\">team of Fiduciaries<\/a> has a commitment to excellence in everything we do. We consider it an honor and a privilege to help our clients work towards making sound investment decisions that will help contribute toward a more secure future. We provide impeccable client service to help reduce taxes and help protect assets by utilizing numerous investment products and strategies, so we can help protect our client\u2019s lifestyle for a lifetime.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information on Fiduciary services in the state of Iowa, reach out to your trusted Iowa advisors at Johnson Wealth Income Management<a href=\"https:\/\/johnsonwim.com\/contact\"> here today.<\/a><\/span><\/p>\n<hr \/>\n<p><small>All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Johnson Wealth &amp; Income Management and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Johnson Wealth &amp; Income Management and Sound Income Strategies LLC are not associated entities. Johnson Wealth &amp; Income Management is a franchisee of the Retirement Income Source. The Retirement Income Source and Sound Income Strategies LLC are associated entities. \u00a9 2023 Sound Income Strategies.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Department of Labor announced Oct. 31 a proposed rule to expand the scope of investment advice from a financial professional that would be considered a &#8216;Fiduciary&#8217; under the Employee Retirement Income Security Act and Internal Revenue Code. Aligned with the Biden-Harris administration\u2019s efforts to help protect retirement investors, the proposal would require trusted [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16123,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[37],"tags":[538,186,455,540,147,185,456,28,205,308,542,29,30,94,127,541,539],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Retirement Savings Rule: Putting Your Interests First - Johnson Wealth and Income Management<\/title>\n<meta name=\"description\" content=\"The Department of Labor has proposed a new retirement security rule that protects retirement savers by having Fiduciaries prioritize their client&#039;s best interests. 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