Quote:
Originally Posted by Cecil Terwilliger
Ok with all due respect to the advisors on CP, let's not pretend like everyone who is an independent advisor is free from ripping off customers.
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No one is denying that. There are bad advisors on this side, too. You're correct.
On oversight: In fact, because they tend to have a lot less oversight and are commission based, you may find they have more incentive to rip people off.
Neither of knows exactly how it is on the other side but I suspect it's very similar except we're free of influence from any employer as we have no employer. We're subject to a lot of regulations and scrutiny.
You mention IG and Edward Jones as if they're independent. They're not by my definition. So far you're only mentioning companies that I have an issue with for many of the reasons you cite. There are lots of great independent companies out there that, from the consumer's point of view, are great choices. I'm with my firm (same as Slava's) for various reasons but there are many others to be respected.
Question for you.... If you could run your own business the way you want, work with clients of your choice, give them great investment and planning advice without any influence, double your income, and own a business that you can sell one day, why not? There are bank advisors who would be great independents but there is no income to start and no employer benefits. Family and financial commitments, right? I can respect that reason. I've had bank advisors tell me that they'd do it except no clients to start means no income, but the huge potential isn't worth the risk.