The Retirement Investment Industry Is Changing with the New Department of Labor Regulations That Go into Effect in April 2017

Burr Ridge, IL (PRWEB) October 29, 2016

With the country's largest insurer prohibiting its agents who are licensed to sell securities to no longer provide their clients with mutual funds, variable annuities and other investment products, Peter Recchia has this advice: Look for an Accredited Investment Fiduciary to help you plan your retirement.

The insurance company's decision is based on the U.S. Department of Labor's fiduciary rule, issued this year. The new regulations, designed to protect consumers, require financial advisors who give retirement advice to act as fiduciaries, that is, make recommendations based on the best interest of the consumer, not the advisor who might be motivated by higher incentive fees. Merrill Lynch will change its retirement accounts to fees based on the size of the investment.

As an Accredited Investment Fiduciary for the past ten years, Recchia has been operating by the DOL rules and sees the advantage to consumers.

"Acting in my clients' best interest with regard to the recommendations for investment products including mutual funds, variable annuities and other investment products has been my way of doing business from the beginning. With State Farm's decision and the publicity over employees suing their company's over the high fees for managing their 401K accounts, consumers need to be aware of the new laws and ask their brokers and those providing investment advice whether they are acting as a fiduciary."

During this time of low investment returns, consumers are becoming more aware of investment management fees. "I tell my clients, make the most of your investment, pay the lowest fees possible," said Recchia. "That usually means index funds, that is mutual funds that mirror the market, enabling investors to participate in the upside of the stock market without paying active management fees, which are higher cost than the passive investment in index funds."

Recchia started his firm three years ago to provide consumers with highly customized investment solutions utilizing the full portfolio of tax, estate planning, insurance and investment programs in an integrated approach to enhance his client's professional and personal wellbeing.

"Our business starts by serving as a fiduciary, acting in our client's best interest. That is now required by these new DOL regulations," said Recchia.

Call 4Wealth Financial Group, LLC to better understand the new regulations and what it means to you and your retirement investment decisions.

Media Alert: Peter Recchia is available to discuss the new Department of Labor Fiduciary Regulation Peter Recchia bio:

As an Accredited Investment Fiduciary (AIF), Peter Recchia, a Certified Public Accountant, has focused on putting his clients' needs first when offering investment advice and solutions.

A seasoned AIF, Recchia regards his fiduciary role as critical in providing investment advice and solutions that are in the best interest of his clients. The new fiduciary rule issued by the Department of Labor articulates the "client first" approach that Recchia takes in advising his clients on retirement matters.

With over 25 years of experience, Recchia has brought his clients expertise rarely found in a single advisor, drawing on his knowledge of accounting, investment and pension-planning to help clients. As a fiduciary, he endeavors to create optimal structures for his clients' businesses including tax-favored pension plans.

As an Accredited Investment Fiduciary (AIF) for pension plans, Recchia's goal is to reduce or limit fiduciary liability for owners of pension plans. He takes pride in developing custom solutions for every client, whether it involves tax planning, creating large or small pension programs, or simply offering sage advice that is always in the client's best interest.

4Wealth Advisors, Inc. only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators nor does it indicate that the advisor has attained a particular level of skill or ability. The firm is not engaged in the practice of law. All investment strategies have the potential for profit or loss.

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