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Fiduciary Choice Act

interest in alternative investments and self-direction has been growing in the expectation of major changes in markets, and as awareness of how traditional advisors work

CHICAGO

SDIRA.org rolls out new eLearning tools and online events for individual investors desiring better options under new legislation which aims to reverse the Dodd-Frank Act.

SDIRA.org’s new tools include webinars, video courses, calculators, and education on self-directed IRA and 401k options. The organization’s director, Jon Kopp, says, “interest in alternative investments and self-direction has been growing in the expectation of major changes in markets, and as awareness of how traditional advisors work” adding that SDIRA.org added another “25,000 members in 2017 alone.”

Further industry shakeups are expected as the new Financial Choice Act makes its way through the legislative process. The act passed the House vote on June 8th 2017, and is awaiting Senate approval. Both loved and hated, the act would represent the most dramatic changes in the American financial system in a decade. Those in favor expect it to clear the path for more lending and economic growth. The detractors fear that it strips taxpayers of protections from bank and investment advisor abuses, and could be setting up another 2008 style financial collapse.

The Financial Choice Act and a new list of recommendations from the US Treasury Department incorporate a broad range of changes, including eliminating the Fiduciary Rule, raising the threshold for stress tests on banking institutions, and enabling large financial firms the choice to opt-out of certain regulations and oversight if they increase their reserves. This also aims to give the president the ability to fire the head of the FHFA, and Consumer Financial Protection Bureau, as well as having the right to approve its budget. Even if the entire bill is not passed as-is, many parts may still be made law.

The SDIRA Organization gives individuals insight and tools for diversifying their retirement portfolios and taking control of their own tax-deferred and tax-free accounts. This is of special interest to those concerned with the controversial decision not to force investment advisors to act in their clients’ best interests, by repealing the Fiduciary Rule.

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Patty
Preety holds a Master’s in Journalism from Ryerson University and writes professionally in a broad variety of genres. She has worked as a senior manager in public relations and communications for major telecommunication companies and is the former Deputy Director of Media Relations with the Modern Coalition.