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As of early January, 2016, the DOL and IRS have not yet released promised changes to regulations mandated by Dodd Franks in 2010. Nevertheless, the broad outlines of these regulations are known. The timing is not known although it is believed they will be implemented before the end of 2016 in such a way that a subsequent administration would find them extremely difficult to undo.
If you deal with any IRA or 401(k) money at all, our recommendation is that you wrap up a transition to fees.
Failure to do so means you may have to manage clients according to two standards: fiduciary and best interest.
Start by reading “Creating a Successful Best Interest Contract Practice” by Lou Harvey. Lou is the founder of DALBAR, the market research firm that popularized behavioral finance with its annual study, “Quantitative Analysis of Investor Behavior.” Lou has been very involved in the analysis of the new regulations and has developed courses to certify advisors as fiduciaries.
If you have not downloaded and printed my Research Magazine article, “Your Last Chance to Convert to Fees,” this link will take you to the single page version. This lays out the strategy to get the conversion DONE by the end of 2016.
Even if you are already 100% fee-based, you can be sure that competition will heat up as hundreds of thousands of Reps crowd into the fee-based marketplace. As their income comes down, they will go looking over your backyard fence at your clients. Please download and read White Paper-Client Retention Strategy.
Comments on SEC Rules Regarding Obligations of Brokers, Dealers and Financial Advisors. Hundreds of advisors have posted mostly negative comments against the regulations that will make advisors into fiduciaries.
Double Production Or Work Half as Much AND have a better life.
Since its inception, the promise of the Bill Good Marketing System has been, “Double production or work half as much.”
We are about money, and time, and more of each.
Because whatever your other goals in life, to accomplish them you need money and time.
Many of our clients have doubled production.
Many of them did what we call a “double double.”
Some went on to a “triple double.”
And a handful have done a “quadruple double.”
With wealth comes the ability to educate children, maintain a lifestyle in retirement, support local or national causes, and work on that golf handicap.
But as wealth grows, the need for time also grows.
Thus we see many of our clients first working a four-day week, and some a three-day week.
All of this explains why we have modified our slogan. It’s now: