Repeal Dodd-Frank Unwinding of Fiduciary Duty of Financial Advisers


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Hi everybody Lynette Zang here the chief market analyst here at ITM Trading a full-service buy/sell physical precious metals broker. There are two things that I want to talk about today both kind of my pet peeves.

Snap’s IPO

Some of you may be aware that snap is going to be of issuing an IPO an initial public offering and they’re looking to raise three billion. but they do indeed have the heavy losses i went to the SEC filing and discovered now, look below if you click the link down below jpg.

Honestly it’s too small even bother to show you what you’ll be able to see them in there. but they have a cumulative law of two-point little bit more than 2.3 billion and losses and they say that they don’t know that they are ever going to make any money. so you should you buy this? well why would you buy out why would they even be issuing it? because what people don’t realize that it used to be when a corporation issued stock it was to you know build a plan and hire workers or whatever but that was stimulating to the economy. today the company’s most corporations are issuing that every single sec filing that I looked at frankly I don’t look at every single one but everyone that i have personally looked at has stated that it’s about creating a capital market to cash out whoever is holding the stock so early investors. In snapped particular case let’s see they have the early investor are mostly venture capitalists and that’s okay but your big able to buy two shares of stock at two dollars and thirty-three sets not really sure what price it came out yet but it’s somewhere they’re talking about over 16 or 17 bucks the share a 2.3 true billion in losses so this is really about cashing out early investors not expanding the economy. so I find that to be true with pretty much all of them. So they great three billion a private funds and now interestingly enough they want to raise another three billion in the IPO I’m not buying it but hey it could do a facebook what do I know? I don’t like the stock market and I don’t like line something that I’m never going to get it didn’t end on and it’s just going to continue to show losses because they don’t care not about that.

Fiduciary Duty of Financial Advisers

ok now the real Bugaboo that I really want to talk about it’s a personal piece when i first became a stockbroker back in 86 my manager a very wonderful man i don’t know if he’s ever watched this but if he does a very wonderful man he SAT me down and he said I want to understand that that you have a fiduciary obligation to do what is in your clients best interest first and frankly I thought well of course i do i’m working with companies money so that you can see I to me and that’s the way i move forward. Believe it or not it wasn’t until many years later where I realized that that was not a legal obligation certainly an ethical obligation in my opinion so it wasn’t that it changed anything that i was doing. But they finally passed a fiduciary law and they did a study this is just for IRA so so remember you go to your stockbroker cetera they do not have to do legally they do not have to do what is in your best interest first. They can do what is in their best interest first but I mean a retirement plan they did a study the way has been steady and calculate that an estimated carapace is that 1.7 can see that ok trillion of you are about 17 billion is lost because for over a billion that long billion thank you each year and lost because brokers do not they do what is in their best interest first putting people into much higher fees not really i’m gonna know a broker that read the perspective it’s not about that for them so it is that it looks like president Trump is going to negate it but here’s the argument if they have to do think about this if they have to do what has been your best interest first they can’t make as much money and so they’re not going to give you any advice and then you will be worse off does that make any logical sense to you? yes they want to keep giving you advice it’s in their best interest even though it cause God knows how much it really costs because it would cause even more to you if they had to do it was in your best interest first. ok so maybe you can see why that’s a personal pet peeve so that’s it for today on this little piece.

Make sure you join us for our next live webinar “Bitcoin Blockchain and the SDR” Feb 7, 2017 2pm PST Reserve your seat here http://bit.ly/2jYXU5x

I have been working diligently on the Bitcoin blockchain anything that i have said prior to the just set aside it doesn’t mean anything come to the webinar on Tuesday this has been an extremely interesting rabbit hole extremely interesting and i’m very excited to share with you what I’ve discovered so like us on Facebook join our youtube page follow us on twitter share this with everybody keep those questions coming in I don’t see you next i hope I’ll see you on Tuesday and don’t forget give us a call 1-888-696-4653.

Mr. Trump’s directive also stalls the so-called fiduciary rule — set to take effect in April — that President Barack Obama’s former administration said would protect millions of retirees from being steered into inappropriate high-cost or high-risk investments that generate bigger profits for brokers.

Here you can find past recordings of our webinar series. Archive page http://bit.ly/2bIQfWV

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2-3-17 Snap 2 raise 3 bil no profit 2-3-17 Snap Filing Financials and Exercise Price 2-3-17 Snap Filing LA Times 2-3-17 Snap Filing Use of Proceeds and Capitilization 2-3-17 Snap Filing 2-3-17 Snap SEC Form 2-3-17 Fiduciary Rule Report the Effects of Conflicted Investment Advice 2-3-17 Fiduciary Rule 2-3-17 Snap 2 raise 3 bil no profit Forbes

 

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