Here's How the Fiduciary Rule Could Impact You

The fiduciary rule change will bring some changes to the financial planning industry. Hosts discuss what the new rule could mean for your savings, then switch the conversation to tax reduction strategies.

0:46 “If you’re not familiar with a 529 plan, it’s a college savings plan that you can invest after-tax dollars that will grow 100% tax-free if it’s used for qualified education”

1:52 “Other states actually offer extra benefits if you go to college in their state with their plan; California is not one of them”

7:03 “Shouldn’t all advisors offer advice in your (the client’s) best interest?…That’s the foundation of Pure Financial Advisors”

7:15 “We’re a Registered Investment Advisor, a fiduciary and fee-only. That means there’s never a commission generated”

7:32 “We’re trying to eliminate a lot of the different conflicts in the industry”

12:43 “Those born between January 1^st and June 30^th of 1946 will turn 70 ½ this year, which means you’ll have to start taking your required minimum distribution”

17:35 “If you want to do a Roth conversion, you’ve got to do a required distribution first”

21:34 “You brought up a strategy that’s so good that I want to go over it – it’s called the backdoor Roth contribution

23:55 “A Roth is not an investment; it’s a type of retirement account. Anything that you can invest in outside of a retirement account you can also invest in a Roth IRA”

26:37 “If you could protect your wealth from taxes, you can take on less risk…the markets are volatile, but guess what? Right now is a great time to do Roth conversions if you haven’t done it already. There are tax moves you want to make right now”

32:52 “You’ve got to take the noise out and understand that the fundamentals of capitalism should prevail”