An Obamacare equivalent that would do to retirement what we've seen in health care represents a potential "existential" threat to financial advisors, who need to actively lobby lawmakers in their districts.
So said Financial Services Roundtable Chairman Tim Pawlenty in an address this week to some 5,000 attendees of LPLFocus, the broker-dealer's annual advisor conference in San Diego this week. <!– Read More –>
Proposals to have the government assume responsibility for workers' retirement savings "are now under study at the state level, but could pose an existential threat to the kind of services you're trying to provide," said Pawlenty, whose Financial Services Roundtable is a lobbying organization representing the 100 largest integrated financial services companies, including LPL.
A government takeover of private retirement savings accounts was just one scenario Pawlenty, a former Republican governor of Minnesota and presidential candidate, warned advisors of.
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