{"id":1467,"date":"2014-06-17T23:28:04","date_gmt":"2014-06-17T23:28:04","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/06\/retirees_hurt_brokers_enriched"},"modified":"2022-05-03T15:29:32","modified_gmt":"2022-05-03T20:29:32","slug":"retirees-hurt-brokers-enriched","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/retirees-hurt-brokers-enriched\/","title":{"rendered":"Retirees Hurt, Brokers Enriched by $300 Billion 401(k) Rollover Boom"},"content":{"rendered":"

\t\t\t\tAccording to Bloomberg.com<\/em>, as 401(k) rollovers continue to boom, it is the brokers who are profiting while the retirees are sustaining losses. Now, these investors are speaking out.<\/p>\n

It was in 2012 that former employees moved $321 billion from 401(K) plans to individual retirement accounts-a 60% rise from the last decade. Now, the IRA is holding about $6.5 million in 401(k)-like accounts. <\/p>\n

Even though retirees typically can keep their savings in 401(K) plans, financial firm reps. do reach out to try and persuade them to move their funds to IRAs instead. Internet ads, cold calls, cash incentives, and storefront signs are used to draw retirees in, including the promise of wider investment choices compared to their current plans. In one example of an incentive promised, E*Trade (ETFC) Financial Corp. and Bank of America Corp.’s (BAC) Merrill Lynch <\/a>offer anyone who rolls over a 401 (K) plan into an IRA up to $600. (However, this can result in additional expenses down the road.)<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to Bloomberg.com, as 401(k) rollovers continue to boom, it is the brokers who are profiting while the retirees are sustaining losses. Now, these investors are speaking out. It was in 2012 that former employees moved $321 billion from 401(K) plans to individual retirement accounts-a 60% rise from the last decade. Now, the IRA is […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3740],"tags":[],"class_list":["post-1467","post","type-post","status-publish","format-standard","hentry","category-miscellaneous"],"yoast_head":"\nRetirees Hurt, Brokers Enriched by $300 Billion 401(k) Rollover Boom — Investor Lawyers Blog — June 17, 2014<\/title>\n<meta name=\"description\" content=\"According to Bloomberg.com, as 401(k) rollovers continue to boom, it is the brokers who are profiting while the retirees are sustaining losses. Now, these — June 17, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/retirees-hurt-brokers-enriched\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Retirees Hurt, Brokers Enriched by $300 Billion 401(k) Rollover Boom — Investor Lawyers Blog — June 17, 2014\" \/>\n<meta name=\"twitter:description\" content=\"According to Bloomberg.com, as 401(k) rollovers continue to boom, it is the brokers who are profiting while the retirees are sustaining losses. Now, these — June 17, 2014\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Retirees Hurt, Brokers Enriched by $300 Billion 401(k) Rollover Boom — Investor Lawyers Blog — June 17, 2014","description":"According to Bloomberg.com, as 401(k) rollovers continue to boom, it is the brokers who are profiting while the retirees are sustaining losses. 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