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Old 03-19-2017, 05:10 PM   #135
Slava
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Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by heep223 View Post
A related issue to the OP and the conversation above is that our regulator doesn't require those giving financial and investment advice to put their client's interests ahead of their own. Unless they are a full portfolio manager. 95% of those registered in the investment management business are sales people.

Should I repeat that. Those giving advice on how to invest your life savings don't have a legal obligation to put your interests ahead of their own.

It's a huge failure of our system and though it is getting more traction lately, it doesn't get near enough attention because people don't fully understand.

It just boggles my mind that we have allowed this to happen.
This just goes to what I brought up earlier about the industry getting in their own way I think. We have proposals on the table for a "best interests" standard and yet "the industry" campaigns against it. Most people would assume that this would make complete sense, but we can't even get agreement on what should be incredibly basic and obvious.

And there's a bit of issue in general with the industry and how its perceived. You have good advisors, providing a necessary service and good advice to people. Yet the profession has been constantly derided and watered down in the media, to the point where people believe they can do it all on their own or the advice is useless. Then we wonder as a society why people are so unprepared to plan for their financial future, and are so ignorant about tax and estate issues that affect them so greatly.
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