Really? Will you take advice from someone if they have you sign an agreement acknowledging they may not act in your best interest, that they may consider their own interests or the interests of their employer – or even the interests of other clients, before they think about what’s best for you?
DNCs Coll(F)usion GPShip Strzok an IceberGowdy says:
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You’re making a false assumption that investors are limited to someone who isn’t a fiduciary. This ruling merely removes unnecessary burdens on financial advisors. Many claim to be a fiduciary in their ads and published literature and are thus obligated to act as such. Others who don’t can be asked point blank if they act as fiduciary advisors, and investors can act according to their answer. Caveat emptor and all that stuff.
The small investors to include John and Jane Doe average worker bee may very well be limited in their access and expertise in their search for a financial planner. This ruling merely removes the safeguards and protections impeding unethical or incompetent financial advisors. It merely frees the unethical or incompetent financial advisor from fear of reprisal or punishment. Caveat emptor is a cavalier attitude to take toward hardworking middle class Americans trying their best to plan for their future. Oh well let them eat cake and all that stuff! And God bless all everyone.
DNCs Coll(F)usion GPShip Strzok an IceberGowdy says:
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Agent is talking about one specific poster, not the universe of all people. Gork is rejecting a Trump policy repealing an Obama Administration policy, and that fits Agent’s description. Your comment is a Straw Man Argument for the sake of arguing without refuting a point.
MARCH 12, 2018 AT 4:31 PM
Agent says:
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Boring, boring, boring. Your act is getting very old. Take a hike. No one wants to read your total rubbish.
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NOVEMBER 10, 2017 AT 10:29 AM
PolarBeaRepeal says:
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behave like an adult and accept fair criticism. We who read and comment here want adult level conversations on the TOPIC of the related article. If you can’t follow those simple guidelines, post elsewhere, where you can spout your vile hatred for those whose opinions don’t match yours.
You’re making a false assumption that people who aren’t in the financial industry understand there is a HUGE difference between a fiduciary and a financial adviser.
And in the same way, insurance-buying clients are fooled into thinking insurance agents aren’t influenced by higher commissions from one insurance company versus another. Or Contingent Fee Agreements that the client is unaware of. Or the golf boondoggle or trip to Europe paid for by the insurance company to influence agents to steer business to that insurance company (why else would the insurance company pay for it?).
And yet, no crying out for Federal Legislation to protect John and Jane Doe on insurance purchases. . . hmmmmmmm.
It is almost to the point of laughable the statements you make, and really probably no longer worth my time to educate you.
The Federal Rule required financial brokers who were not FEE BASED ONLY to sign an agreement to put their client’s interest first.
In other words, when brokers bought and sold stock – and received commissions – the Feds. saw a conflict of interest.
Now, how is that like the commission based sales of insurance? It is EXACTLY the same. If an insurance broker charged fees and took no commissions, the sale would be totally transparent.
March 17, 2018 at 8:19 am
DNCs Coll(F)usion GPShip Strzok an IceberGowdy says:
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@Rosenblatt; you’re making a false assumption that (at least) a significant number of people who aren’t in the financial industry (however you define that) are ignorant and don’t/ can’t ask questions when they seek financial advice. Those who are ignorant can learn such things on the internet, or will get guidance from their employers’ benefits officer in HR. Few people will fall through the remaining cracks and will remain financially ignorant. But few financial advisors will survive in an age where information is readily available on the internet, and search engines will most likely list ‘fiduciaries’ at the top pages of such search lists.
I started a brokerage account over fifty years ago. I have seen some very good brokers and some that were reprimanded by the SEC. I think that stock brokers should act as fiduciaries and be held to that standard. I think that insurance agents should be held to a higher standard. Continuing education is nothing but a joke in the insurance industry. Whenever I get a call from a new stock broker asking for my business I ask if they will act as my fiduciary. The silence is deafening. We do not know how close we came to a complete financial meltdown during the “Great Recession”. Unethical behavior by insurance companies, banks and brokerage companies came very close to bringing down the nation. My customers knew that they got the unvarnished truth from me no matter how it hurt.
Really? Will you take advice from someone if they have you sign an agreement acknowledging they may not act in your best interest, that they may consider their own interests or the interests of their employer – or even the interests of other clients, before they think about what’s best for you?
You’re making a false assumption that investors are limited to someone who isn’t a fiduciary. This ruling merely removes unnecessary burdens on financial advisors. Many claim to be a fiduciary in their ads and published literature and are thus obligated to act as such. Others who don’t can be asked point blank if they act as fiduciary advisors, and investors can act according to their answer. Caveat emptor and all that stuff.
The small investors to include John and Jane Doe average worker bee may very well be limited in their access and expertise in their search for a financial planner. This ruling merely removes the safeguards and protections impeding unethical or incompetent financial advisors. It merely frees the unethical or incompetent financial advisor from fear of reprisal or punishment. Caveat emptor is a cavalier attitude to take toward hardworking middle class Americans trying their best to plan for their future. Oh well let them eat cake and all that stuff! And God bless all everyone.
DNC, Gork sounds a lot like a Progressive Socialist we see so much of on this forum. Anti-Busines, Anti-Capitalism, Anti-Trump from the word go.
You can be Anti-Trump and not be a progressive socialist, anti-business or anti-capitalist.
Agent is talking about one specific poster, not the universe of all people. Gork is rejecting a Trump policy repealing an Obama Administration policy, and that fits Agent’s description. Your comment is a Straw Man Argument for the sake of arguing without refuting a point.
MARCH 12, 2018 AT 4:31 PM
Agent says:
LIKE OR DISLIKE:
0
1
Boring, boring, boring. Your act is getting very old. Take a hike. No one wants to read your total rubbish.
Reply
NOVEMBER 10, 2017 AT 10:29 AM
PolarBeaRepeal says:
LIKE OR DISLIKE:
0
0
behave like an adult and accept fair criticism. We who read and comment here want adult level conversations on the TOPIC of the related article. If you can’t follow those simple guidelines, post elsewhere, where you can spout your vile hatred for those whose opinions don’t match yours.
You’re making a false assumption that people who aren’t in the financial industry understand there is a HUGE difference between a fiduciary and a financial adviser.
And in the same way, insurance-buying clients are fooled into thinking insurance agents aren’t influenced by higher commissions from one insurance company versus another. Or Contingent Fee Agreements that the client is unaware of. Or the golf boondoggle or trip to Europe paid for by the insurance company to influence agents to steer business to that insurance company (why else would the insurance company pay for it?).
And yet, no crying out for Federal Legislation to protect John and Jane Doe on insurance purchases. . . hmmmmmmm.
It would appear you are not familiar with the Unfair Trade Practices Act
Honestly Craig — I don’t mean to be nasty, but do you even work in the Insurance Industry?
It is almost to the point of laughable the statements you make, and really probably no longer worth my time to educate you.
The Federal Rule required financial brokers who were not FEE BASED ONLY to sign an agreement to put their client’s interest first.
In other words, when brokers bought and sold stock – and received commissions – the Feds. saw a conflict of interest.
Now, how is that like the commission based sales of insurance? It is EXACTLY the same. If an insurance broker charged fees and took no commissions, the sale would be totally transparent.
@Rosenblatt; you’re making a false assumption that (at least) a significant number of people who aren’t in the financial industry (however you define that) are ignorant and don’t/ can’t ask questions when they seek financial advice. Those who are ignorant can learn such things on the internet, or will get guidance from their employers’ benefits officer in HR. Few people will fall through the remaining cracks and will remain financially ignorant. But few financial advisors will survive in an age where information is readily available on the internet, and search engines will most likely list ‘fiduciaries’ at the top pages of such search lists.
I started a brokerage account over fifty years ago. I have seen some very good brokers and some that were reprimanded by the SEC. I think that stock brokers should act as fiduciaries and be held to that standard. I think that insurance agents should be held to a higher standard. Continuing education is nothing but a joke in the insurance industry. Whenever I get a call from a new stock broker asking for my business I ask if they will act as my fiduciary. The silence is deafening. We do not know how close we came to a complete financial meltdown during the “Great Recession”. Unethical behavior by insurance companies, banks and brokerage companies came very close to bringing down the nation. My customers knew that they got the unvarnished truth from me no matter how it hurt.