No matter what side of the fence a person is on, like most of the country,he/she is just grateful that the 2012 Presidential Election is now over. After the incessant blast of political ads, the relentless debates between candidates, and the overwhelming political opinions broadcasted on every social media outlet, the election is finally over; and, Obama is our President for the next four years. Many leaders in financial services agree that the re-election of the Obama Administration will indeed affect the decisions of financial advisors and their clients. Various leaders of the financial advisory industry have already offered the following opinions about Obama’s re-election, as well as what it means for the industry and the clients it serves:
The one sure thing is that clients should meet with their financial advisors to discuss the fiscal opportunities/threats of the re-election and any fiscal actions that the clients should take.
- For those financial advisors who are not registered investment advisors, some leaders believe that the Obama Administration will continue to make brokers subject to the fiduciary rule. The Principal and Chief Investment officer at Fort Pitt Capital Group, Charlie Smith, believes that this rule will impede on the distributive functions of investment banking/brokerage firms.