Mindful Advisory, LLC has been quoted in a MarketWatch article by Brett Arends on a recent Texas court decision to knock down a Biden-era fiduciary ruling placing greater constraints on financial professionals regarding how they handle retirement accounts.
Here’s the quote:
“I’ve seen my share of less savvy investors who have had brokers and insurance salespeople put their IRAs into deferred variable annuities,” says North Vale, N.J.-based financial adviser John Coumarianos. “That is almost always a way to extract higher fees from a client without delivering any extra benefit.”
Coumarianos adds: “I’ve walked a few clients through all the expenses they’re paying on insurance products for retirement savings, and they’ve been astounded, negatively, at how much their salesperson has extracted from them.”
