Financial Advisor Tim Hayes
Financial Advisor Tim Hayes Thinks the DOL Got It Right
I am an Investment Adviser Representative at Cambridge Investment Research Advisors, Inc., a $44B RIA based in Fairfield, IA. I am also registered with Cambridge Investment Research, Inc., an independent broker-dealer with over 3,000 registered representatives nationwide.
Most clients pay fee-only or an hourly rate. The size and complexity of the client’s wealth management and financial and retirement planning determine that fee.
Some clients pay a commission, mainly those with smaller accounts, i.e., Roth IRAs, some public-school teachers with 403b retirement accounts, or parents or grandparents who set up a 529 college savings plan.
The first introductory and fact-finding appointment can be in-person or by phone. The next meeting where I provide my recommendations should be in-person. (For the time being, telephone and email are replacing in-person meetings.)
Subsequent meetings during which we monitor your progress and investments can be done in-person or by phone, email, Zoom, or Skype—or, more likely, a combination of these meeting types.
I’ve held an industry securities registration for 30+ years and am subject to SEC and FINRA oversight.
By striking a balance between new protections for consumers with additional burdens on the financial services industry, Financial Advisor Tim Hayes believes the Department of Labor (DOL) hit a home run with their new retirement advice rule.
Fixing the Law
By eliminating a 1975 rule, made when pension plans were much different than they are today, the Department of Labor rectifies the contradiction that financial advisors with conflicts of interest are providing financial advice to retirement accounts even though ERISA, the law governing these accounts prohibits this from happening.
What does the new rule mean for consumers? “If you have a 401(k), the advisor fees might come down. If you roll over the 401(k) to an IRA, the fees in the IRA should be the same or lower than what they were in the 401(k). If they are not, then, the financial advisor must pledge to do what is in your best interest.
About Tim, These are the opinions of Tim Hayes and not necessarily those of Cambridge Investment Research. They are for informational purposes only, and should not be construed or acted upon as individualized investment advice. Securities offered through Cambridge Investment Research, Inc., a broker/dealer, member FINRA/SIPC.
Fee-Based Financial Planner, Hourly Rate, or Commission
- Fiduciary Advisor
- Financial Advisor
- Financial Planning
- Advisor Financial Planning
- Fiduciary Advisor
- Fee Based
- Fee-Only Financial Planning
- Financial Planning Services
- Financial Professional
- Best Interest Regulation