I wrote a blog Saturday about families being the number one con artists in the game of elder fiscal abuse. Now I am going to bring in the big time thieves the- white-collar cat burglars of elder fiscal abuse
The so-called fiduciary rule, which was scheduled to go into effect in April, would have required financial advisers working with retirement accounts to put the interests of their clients ahead of their own—
Brokers are currently allowed to follow a less-stringent “suitability” standard, which lets them recommend options that cost seniors more—and pay them more—even if a cheaper or more appropriate choice is available.
The Trump administration “blocked this rule and continues to block many retiring and aging client interests – putting them second and financial advisors interest (or ) profit first. This rule was supposed to go into effect January first, 2018 but was blocked again until 2019″
The rule’s dogged attack force has been led by Gary Cohn-president of Goldman Sachs before he became Mr. Trump’s top economic adviser. So, this is a pure Wall Street heist to hijack elders highly lucrative accounts.
In addition, the Wall St. Journal story reports that many of the comments made to the rule, are fake, bringing even more fears of government fraud and outside corrupt amputation to the democratic process that seems to slipping away
A care manager’s clients are most often affluent seniors in the top 10%, these clients will be affected by this delay in implementation, steering funding away from care into the coffers of Wall Street.