Phil Cannella stands against an industry that is fighting to keep retirement assets at risk. A sizeable percentage of the investments found in the stock market belongs to Americans aged 50 and up, so you might understand why the Securities Exchange Commission is protective over its market and why its representatives—your financial advisors—want to protect it.
Phil Cannella often points out at his educational events that it’s retiree’s money that’s fueling the securities industry. Think about the millions of dollars in taxes that the government stands to lose if the adult population discovers that they can keep their money safe and away from the risk of securities and still grow their accounts. What’ll happen if these secrets are exposed to the masses? The financial industry and its giants would suffer. If waves of retirees learned about the less risky alternatives and began to pull their money out of the stock market in favor of age-appropriate financial instruments, then the Merrill Lynches and Smith Barneys of the world would lose a large portion of their clients and thus the brokerage fees that they collect. The ongoing commissions that pour in every month would slow to a trickle.
“There are brokers out there who collect fees on $100 million management accounts after 20 years and they’ll continue to make a percentage point and a half from them every year. Why would they consider showing you a product that won’t yield them an ongoing commission and may sabotage their cool million-dollar incomes?
Doesn’t seem likely,” said Phil Cannella in a recent statement during a Crash Proof Retirement educational event.
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