It is hard to believe investment advisors are NOT considered fiduciaries. So, basically it’s acceptable to sell people investments that aren’t the best for them, but which make more money for the brokers. What exactly is the argument that suggests this is okay?
Was Bernie Madoff an investment counselor? How did that turn out for people putting their money with him? He will not see the light of day again. Hope some of the current Demoncrats get cells adjacent to him.
Typical knee jerk reaction but in reality this rule has hurt a whole lot of investors.
You must not be a small investor trying to seek investment advice. Unfortunately, the high cost to comply with the rules and the risk involved to firms for investing client IRA’s has shut out all small investors who seeks advice. The investments considered ok as fiduciary usually have high minimums which leaves a small investor trying to start a retirement account to fend for himself in a self directed IRA.
So perhaps you are a seasoned investment pro, but most people don’t know how a basic mutual fund works and now they are lost when their IRA’s have become self directed or they don’t know what to do with an old 401k that is too small to participate if a fiduciary type program just sits somewhere doing nothing.
It is hard to believe investment advisors are NOT considered fiduciaries. So, basically it’s acceptable to sell people investments that aren’t the best for them, but which make more money for the brokers. What exactly is the argument that suggests this is okay?
Was Bernie Madoff an investment counselor? How did that turn out for people putting their money with him? He will not see the light of day again. Hope some of the current Demoncrats get cells adjacent to him.
CommonSense,
Typical knee jerk reaction but in reality this rule has hurt a whole lot of investors.
You must not be a small investor trying to seek investment advice. Unfortunately, the high cost to comply with the rules and the risk involved to firms for investing client IRA’s has shut out all small investors who seeks advice. The investments considered ok as fiduciary usually have high minimums which leaves a small investor trying to start a retirement account to fend for himself in a self directed IRA.
So perhaps you are a seasoned investment pro, but most people don’t know how a basic mutual fund works and now they are lost when their IRA’s have become self directed or they don’t know what to do with an old 401k that is too small to participate if a fiduciary type program just sits somewhere doing nothing.