Quote:
Originally Posted by MoneyGuy
I'd like to write something more detailed regarding the defence of banks but I can't for the next few hours.
Not naming any specific companies but I'm pretty sure the company Slava is referencing in this first paragraph starts with a P and rhymes with America.  |
Well not only them, but there are a number of companies I would group as similar. I just think that advisors selling proprietary products should be forced to disclose that this is all they are selling. I find it appalling that the "best interest" standard can be logically opposed by anyone and more than anything I would LOVE to see advisors who must act as a fiduciary.
It is so bizarre the way the industry has gone though. Any other profession and you can't just decide that is your title because you need to qualify. You can't just decide that you're a doctor or lawyer or engineer. Yet for some reason we've allowed just anyone to decide they're investment advisors or financial planners or whatever other title they want to use, with very little in terms of qualifications and an enormous responsibility for the welfare of their clients.
Anyway....I should avoid this topic because it really frustrates me and makes my blood boil!