News | 12.18.19
Advisers weigh in on SECURE Act, approved by House and on way to Senate and the White House
Financial advisers and other industry officials expressed mixed feelings about the SECURE Act, which the House approved Tuesday as part of a federal spending bill. The measure next heads to the Senate and is expected to be sent to President Trump to be signed into law by the end of the week. Dan Houston, chief executive of the Principal Financial Group, said that the measure "checks all the boxes for improving the odds of American workers' financial stability in retirement." Houston said he is confident the market will respond with retirement-plan annuity options that are safe and affordable. "There will be an emergence of new guaranteed-income products that will be competitively priced for medium to small employers." Some advisers, however, have qualms about the provision that would make it easier to include annuities in retirement plans. "Annuities are complicated, and there are a lot of hidden fees," said Jennifer Weber, vice president of financial planning at Weber Asset Management. "I'm worried that sales people would sell you a product that's not best for your investment needs."
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