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sschullo

Horrifying! No fiduciary rule for Variable Annuities

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We know teachers in 403(b) plans have no protection from the annuity sharks but according to the administration friendliness to Wall Street, just about everybody who has a broker will not be protected either. 

https://seekingalpha.com/article/4219063-fiduciary-rule-worry-wall-street-can-push-annuities-reckless-abandon 

Excerpt: President Trump’s Securities and Exchange Commission, ever faithful and friendly to Wall Street, killed the fiduciary duty rule which required brokers to put customers’ interests first. In its place, rather than having any requirement that firms and brokers make meaningful disclosure to investors, all that is required under the new rule is a “summary prospectus,” a cliff notes version of the actual prospectus be sent to investors.

Hmm, "cliff notes!!!??" instead of a prospectus, absolutely unbelievable. 

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