January 26, 2009
401(k)-Affiliated Advisers May Offer Advice: DOL
The Department of Labor has ruled that financial advisers affiliated with the mutual fund companies administering 401(k) plans can offer advice. However, they must reveal the source of their fees, which must remain constant, regardless of their recommendations. If they use computer models, they must also disclose that.
The decision, however, has met criticisms for having inherent conflicts of interest, and it is possible the new presidential administration could revoke the rule.
Saving Money Top Goal Of Investor for New Year
Sixty percent of Americans surveyed by TD Ameritrade said their No. 1 resolution for 2009 was saving more money, not losing weight or eating better. Forty-three percent said they are more likely to have personal finance-related resolutions for 2009 than they were two years ago.
Nearly all, 92%, of the respondents felt confident that they could manage their money responsibly, though more than half are interested in learning more about personal finance in order to do a better job of it. Just over 50% said that managing their finances is harder than it used to be.
On the list of the resolutions that Americans think they will be able to keep is starting or building retirement savings. They are also confident about spending more time with family, paying off debt, starting or building an investment portfolio and having more fun.
Resolutions they aren't so sure about include: reducing stress, making for time for themselves, sticking to a weight-loss or exercise.
(c) 2009 Money Management Executive and SourceMedia, Inc. All Rights Reserved.