Phil Cannella – Phillip Cannella Blog: Phil Cannella isn’t afraid to expose the government when it comes to the financial health of seniors. He point out that huge numbers of baby boomers are now reaching retirement, and their collective assets are vital to the American economy because they help to fuel the backbone of our economy (the stock market).
Since a sizeable percentage of the investments found in the stock market belong to Americans age 50 and up, Phil Cannella goes on to disclose that the Securities and Exchange Commission is protective over its market because the government stands to lose millions of dollars in taxes if the adult population discovers they can keep their money safe and away from the risk of securities while still growing their accounts.
In Phil Cannella’s estimation, this is why less risky options are not discussed. If retirees started pulling their money out of the stock market in favor of age-appropriate financial instruments, financial advisors would lose a large portion of their clients. It is not in their best interest to show you a product that won’t yield them an ongoing commission and may sabotage their million dollar incomes.
It’s no doubt why there is so much rule bending in the securities industry. They stand to gain only when they can keep people in the market. The truth of the matter is brokers or financial advisors who deal with stocks, bonds and mutual funds don’t make money unless they put your money at risk, which means keeping it in the stock market.
Learn more from Phil Cannella by tuning into his Crash Proof Retirement Show®.