The Fiduciary Standard Since the financial collapse of 2008, the financial industry has undergone continued legal scrutiny. One area where increased regulation seemed certain was the standards of care accounting professionals have when it comes to acting in the best interest
WHAT YOU NEED TO KNOW ABOUT SELECTING AN ADVISOR
clients a list of potential conflicts of interest and the newly created CRS Form detailing the nature of the client-broker relationship. Whether or not these stipulations will create greater consumer clarity remains to be seen, but they certainly don’t eliminate the possibility of unscrupulous brokers taking advantage of unsuspecting clients.
of their clients. After years of debate, the SEC rolled out its new set of rules this year. While these rules were intended to provide consumers clarity regarding
different types of financial professionals, they fall short of creating a unilateral set of standards for everyone who provides financial services. Without tighter restrictions, investors need to be mindful of how these rules affect them. The highest standard for a financial services provider is the fiduciary standard. When an advisor is a fiduciary, they must always act in the best interest of their clients. All SEC-registered investment advisors are
Sadly, it appears as though these new rules represent a win for large banks rather than for regular folks looking to plan for their future. But no matter how tight the laws are now or in the future, there will always be people willing to skirt them to make a buck. Everyone working with a financial professional should ask questions about that person’s role and responsibilities. The most important of these questions is, “Are you a fiduciary?”
At Retirement Planning Strategies, all of our advisors are fiduciaries who act solely in your best interest. We have no conflicts nor any vested interest in recommending certain products or strategies. Our only goal is ensuring that you plan for the most secure and rewarding retirement possible.
held to a fiduciary standard, but brokers and other financial service providers don’t need to meet the same criteria. Many hoped that new regulations would change this, but the SEC rules do not. Instead, service providers only need to give
Title A Sport for All Ages Becomes a Craze Among Older Adults THE INCREDIBLE RISE OF PICKLEBALL
TAGLINE You’ve probably heard of pickleball, especially given its rising popularity in the United States and Canada, but you may be wondering what the big deal is about this relatively new fad. Pickleball is an awesome, low-impact sport that people of all ages can enjoy. It’s great exercise and good fun, and it’s the perfect game for family get-togethers.
balls won’t cost more than $100, and you can easily convert a tennis or badminton court for pickleball.
One of the appeals of pickleball for older adults is that it is not excessively strenuous. It also doesn’t have the steep learning curve and high barrier to entry that sports like tennis or golf do. Due to the nature of a pickleball, which contains strategically placed holes similar to those of a whiffle ball, the game is much more about finesse than pure power or athleticism. While you can definitely hone your skills with practice, you’ll start having fun from day one. In addition to being a fun form of exercise, pickleball also offers older adults the chance to socialize with their peers. Leagues often lead to long-term friendships. Courts are small, and each game consists of only four players, making it easy to engage in some casual conversation or playful, competitive banter between points. If you’ve never picked up a paddle, consider joining a league or buying a set for your next family outing. You can introduce your grandkids to a fun new sport — and then school them for the bulk of an afternoon.
Pickleball originated on Bainbridge Island, Washington, in 1965. It was the creation of three fathers — Joel Pritchard, Bill Bell, and Barney McCallum — who needed to come up with something to keep the little ones entertained and out of their hair. Soon, however, it became popular among the adults, and they ended up spending more time on the court than their children. “Frankly,” McCallum says, “the kids got pushed out.” Since its early days, pickleball has transformed from an ad-hoc game to a full-fledged sport, complete with official rules, equipment, and leagues. Despite the more formal structure in place today, pickleball is incredibly easy to pick up and play. Investing in some paddles and
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