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What Does Joe Biden Win Mean for Advisors?

Experts and observers say that the victory of Joe Biden likely means retooled regulations, new retirement plan rules and possibly higher taxes for wealthy Americans. So reports Financial Planning.

Biden smile 5621670 640In addition to addressing the pandemic and associated economic pain, Biden is likely to be more investor friendly than the Trump administration, which eased regulations.

It’s likely the Biden administration will seek to revise the SEC’s Regulation Best Interest, which went into effect earlier in 2020. Exactly how that would play out is unclear. Some suggest Biden may seek to give the regulation more teeth, while he may also seek other remedies, such as replacing it.

Key Trump administration initiatives at the Department of Labor are also likely to be targeted for an overhaul in the Biden administration.

Lastly, Biden’s proposal to alter 401(k) tax benefits, which would help low

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