New Regulations Support 4Wealth Financial Group in Advancing Investor Interests
August 23, 2016
The Department of Labor’s new regulations that provide greater protection to investors making decisions about their retirement accounts require retirement advisors to act as fiduciaries. As an Accredited Investment Advisors, founder and CEO Peter Recchia, is a fiduciary and is already acting in the best interest of the client. Recchia describes the benefits of using index funds, a low-cost way to participate in the stock market.
(Burr Ridge, IL) August 23, 2016. The new Department of Labor laws governing retirement advice are so demanding that comedian John Oliver has taken up the discourse: He wryly observed that he thought all along that financial advisors were acting in the client’s best interest.
The Department of Labor’s new regulation that take effect in 2017 now require ALL advisors who provide retirement advice to act in the client’s best interest.
If you’re working with an Accredited Investment Advisor, you don’t have to until 2017.
Sure, John Oliver is a comedian but he made some key points about the retirement plan industry and the need to pay attention, said Peter Recchia, Founder of 4Wealth Financial Group, a CPA and Accredited Investment Fiduciary. Just as compound interest can work in an investor’s favor, small fees for active management can erode an investment.
“Index funds enable you to participate in the market at a very low cost,” said Recchia. “The Wall Street Journal has reported that even asset managers –those who manage mutual funds use index funds in their personal portfolios.”
An index fund is a type of mutual fund with a portfolio constructed to match or track the components of a market index, such as the S&P 500 (Standard & Poor's 500 Index). An index mutual fund seeks to provide broad market exposure, low operating expenses and low portfolio turnover.
“My advice is always focused on my client’s best interest,” said Recchia. “That’s what being an Accredited Investment Fiduciary is all about. The new Department of Labor rules will require those who provide retirement investment advice to act in the client’s best interest.
“At 4Wealth Financial Group, we put our client’s interest first. Call us and let us know how we can help you with your retirement.”
4Wealth Advisors, Inc. only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators nor does it indicate that the advisor has attained a particular level of skill or ability. The firm is not engaged in the practice of law.
Media Alert: Peter Recchia is available to discuss the new Department of Labor Fiduciary Regulation
Peter Recchia bio:
As an Accredited Investment Fiduciary, Peter Recchia, a Certified Public Accountant, has focused on putting his clients’ needs first when offering investment advice and solutions.
A seasoned AIF, Recchia regards his fiduciary role as critical in providing investment advice and solutions that are in the best interest of his clients. The new fiduciary rule issued by the Department of Labor is an endorsement of the “client first” approach that Recchia takes in advising his clients on retirement matters.
With over 25 years of experience, Recchia has brought his clients expertise that is hard to find in a single advisor, drawing on his knowledge of accounting, investment and pension-planning to help clients. As a fiduciary, he has created optimal structures for his clients’ businesses including tax-favored pension plans.
As an Accredited Investment Fiduciary (AIF) for pension plans, Recchia has reduced or limited fiduciary liability for owners of pension plans. He takes pride in developing custom solutions for every client, whether it involves tax planning, creating large or small pension programs, or simply offering sage advice that is always in the client’s best interest.