[Karen37a]

I am opening up another thread to discuss this one point and all the details involved ( in a civil manner) so we can chat about positive change and if its even possible.

John said these things on seperate posts. I will respond.

This is the case law I'm referring to, not textbook/generic definitions of what a fiduciary is. Post where you are getting this specific information above from? What would be the baseline used to determine the "lowest rate" when merchants are priced on a case-by-case basis, based on the individual underwriting criteria of the funder in question? Our industry doesn't have standard, across the board, "rates".

And a good chunk of A/B funders/lenders have been doing case-by-case 2nd position deals for a while now. Again, it mainly depends on the merchant's gross and how much of it is going towards paying back these types of short term payments. Post links and information to the case law along with other regulatory guidance in which you are referring to.

And this industry/merchant services industry is still in dire need of more regulation to help police many of the wrong-doings taking place, including doing better background checks on who is allowed to participate in the industry, due to the fact we are collecting such sensitive merchant information and identity theft is a major problem in the US.

Right now (in general) anybody with a pulse can become a "Rep" and I'm not sure how anybody feels that's justified.

[Karen37a]

What would be the baseline used to determine the "lowest rate" when merchants are priced on a case-by-case basis, based on the individual underwriting criteria of the funder in question? Our industry doesn't have standard, across the board, "rates".

The way that "Fiduciary Duty" or "fiduciary responsibility" works according to regulators ( and everyone should seek out an Attorney for advice and direction)

The fiduciary is a much higher level of accountability than the suitability standard previously required of financial salespersons. Financial advisors are required to disclose conflicts of interest( bonus, relationship, broker/isos/internal relationship) and if you work on commission disclose thru an agreement or best interest contract exemption or best interest contract exemption lite, without triggering penalties ... all compensation must be spelled out down to the last penny this would be including "factor" to company, fees, underwriting, commission etc etc

This compensation must be in the clients best interest ( which dismantles commission and creates fee-based arrangements)

Also, If someone anywhere on the planet charge 1.09 as a rate, you will be required to meet or beat that rate or risk being sued for Breach of Fiduciary Duty.

They do not take into account A/B/C/D paper grades. Lawyers( ambulance chasers ) scour thru documents and find ONE person who got 1.08 somewhere, somehow and then use that as the new "bar" for comparison on rates. Then they sue the individual brokers who are in a fiduciary capacity and the firms they work for.

The investment community and Insurance community have been hammered over this. Its a case of Regulators who do not understand Finance thinking everyone deserves 4% on a loan, as an example.

Meanwhile, commissions have been taken away, small accounts orphaned ( brokers are not going to take the risk of being sued for no money/commission) And companies consolidating to meet the new increased costs of compliance ( millions)

[Karen37a]

The Nasd which was the National Association of Security Dealers started out as a simple organization of member and it has turned into FINRA, the financial police.

I have seen too many "organizations" morph into these police like anti broker organizations in my 25 plus years that I am vehemently against any outside forces coming in and will fight to the death to keep them off.

Now I am one of the very few who never had one single fine. So I will make it no matter what. I just would not like to let the wolf into the hen house.

__

Also, you cant have it both ways. You cant say its a problem that any broker can enter the business with no vetting or experience
. Then champion the idea of newbies signing on to Direct Funders with their own Iso out of the basement of their house.

If they were required ( like other Financial Service industries) to work for a legitimate company, gain experience BEFORE they venture out...half of the problems wouldn't have happened.

if you want to respond civilly I can chat about it.

[Karen37a]

you all were ONE STEP away from extinction following along with someones personal agenda who didn't give a rats arse about anyone but themselves and they were going to implode themselves and everyone else too.

( and I am not talking about John)

[WestCoastFunding]

Oh look, Karen’s arguing with herself.

[Karen37a]

Oh look, Karen’s arguing with herself.

No I am training you...grab a pen, shhh comments in the jar after


If you have something positive to say ...go ahead you have the floor.

[Karen37a]

The comparison tool against A paper..then the fiduciary placed on brokers was devised to gain market share the latter topple you all...or that would have been the result if that was not on purpose

( i said ok ...fiduciary for the lenders/funders too and they were like no way...that would be stupid, why would we do that LOL..i just wanted to hear you stammer...if a fiduciary is placed its placed for all)

[Karen37a]

https://www.youtube.com/watch?v=Psl7ZVwiRl4

Did you order the code red?

[RickyR3712]

Oh look, Karen’s arguing with herself.

by editing every post 6 times or by just amount of posts

[Karen37a]

by editing every post 6 times or by just amount of posts

Spewing negativity everywhere you go.


The facts are the facts...had some got their way almost * everyone would have been out of business...sued for breach of Fiduciary duty and imploded on from forced defaults.


There needs to be background checks that are similar to the level of Insurance or Mortgages...not investments more stringent.

And please conduct IQ tests and also Business acumen tests because lords knows the only people who are ever going to make it have book smarts and street smarts.

off to close sales, while you wait in anticipation for my next posts...because you would ignore me if I didn't get under your skin so much. You cant. You do not have the strength.

[jotucker1983]

...... you would ignore me if I didn't get under your skin so much. You cant. You do not have the strength.

Spoken like a true troll. Not sure why you aren't banned yet, it's obvious as day that all you do is troll this board.

[Karen37a]

DOL Fiduciary Rule struck down

https://www.thinkadvisor.com/2018/03...20180226063455

The ruling continued: “Confusion abounds — how, for instance, does a company wishing to comply with the BICE exemption document and prove that its salesman fostered the ‘best interests’ of the individual retirement investor client? The technological costs and difficulty of compliance compound the inherent complexity of the new regulations.”


Scalia: DOL Fiduciary Rule Will Be Obliterated


http://https://www.thinkadvisor.com/...en-off-the-bo/