By: Jack Waymire | March 24, 2009 | Investor Information
These are the tenets you counted on for years, like ‘buy and hold’ and heed the advice of ‘experts.’ Keep these whoppers in mind as you plan your financial future.
[Related content: stocks, investments, stock market, financial crisis, Michael Brush]
MSN Money
If you had any money in stocks in the past few years, you might be feeling pretty dumb right now — since you’re down more than 40% on those “investments.”
But stop being so hard on yourself. Yes, you probably should have pulled more money out in time.
But on the other hand, you were probably suckered by any number of big lies foisted on you by Wall Street and market players who stood to profit.
Here are the five biggest lies that probably hurt you the most and will be worth remembering in the future:
2 Responses to “The 5 Biggest Lies on Wall Street”
Bryan Beatty
May 13th, 2009 at 9:32 am
I think that this article is a very eye opening arguement, but it clearly lumps all advisors, brokers, and sales people into the same group.
It is very true that those on Wall Street who cook up financial product have a clear conflict of interest. It is also true that investment banks that make fees raising capital for corporations have a conflict of interest when they convince their retail customers to buy what they are selling on both sides of the house.
The simple fact is that this is exactly the problem. It is a confusing message. Their is a difference between advisors and so-called advisors. Understand which side of the table they sit on. On yours or on theirs or on someone elses side.
Is your advisor acting as a fiduciary for you? Do they provide objective advice? Can they provide objective advice? Do they or can they disclose all possible conflicts of interest.
What happended last year may provide for sweeping change in the way that the general public will recieve advice going forward. Will our regulators finally do what we advisors who do act in our clients best interest have been asking them to do for a long time? Adopt a standard of care in our business.
Most industries have a standard code. All architects must make sure that they follow the code. Builders and doctors must follow some industry standard practice. Why not financial advisors? Why not brokers? Why? Becuase the more Wall Street can confuse the public who’s interest they are representing the more they can over charge you and mislead you, meaning more profit for them.
Adopt a financial advisor standard of care.
That’s my 2 cents.
Bryan D Beatty, CFP
I think that this article is a very eye opening arguement, but it clearly lumps all advisors, brokers, and sales people into the same group.
It is very true that those on Wall Street who cook up financial product have a clear conflict of interest. It is also true that investment banks that make fees raising capital for corporations have a conflict of interest when they convince their retail customers to buy what they are selling on both sides of the house.
The simple fact is that this is exactly the problem. It is a confusing message. Their is a difference between advisors and so-called advisors. Understand which side of the table they sit on. On yours or on theirs or on someone elses side.
Is your advisor acting as a fiduciary for you? Do they provide objective advice? Can they provide objective advice? Do they or can they disclose all possible conflicts of interest.
What happended last year may provide for sweeping change in the way that the general public will recieve advice going forward. Will our regulators finally do what we advisors who do act in our clients best interest have been asking them to do for a long time? Adopt a standard of care in our business.
Most industries have a standard code. All architects must make sure that they follow the code. Builders and doctors must follow some industry standard practice. Why not financial advisors? Why not brokers? Why? Becuase the more Wall Street can confuse the public who’s interest they are representing the more they can over charge you and mislead you, meaning more profit for them.
Adopt a financial advisor standard of care.
That’s my 2 cents.
Bryan D Beatty, CFP
bbeatty@ebwllc.com
Bryan Beatty
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Bryan Beatty
May 11th, 2009 at 6:07 am
I think that this article is a very eye opening arguement, but it clearly lumps all advisors, brokers, and sales people into the same group.
It is very true that those on Wall Street who cook up financial product have a clear conflict of interest. It is also true that investment banks that make fees raising capital for corporations have a conflict of interest when they convince their retail customers to buy what they are selling on both sides of the house.
The simple fact is that this is exactly the problem. It is a confusing message. Their is a difference between advisors and so-called advisors. Understand which side of the table they sit on. On yours or on theirs or on someone elses side.
Is your advisor acting as a fiduciary for you? Do they provide objective advice? Can they provide objective advice? Do they or can they disclose all possible conflicts of interest.
What happended last year may provide for sweeping change in the way that the general public will recieve advice going forward. Will our regulators finally do what we advisors who do act in our clients best interest have been asking them to do for a long time? Adopt a standard of care in our business.
Most industries have a standard code. All architects must make sure that they follow the code. Builders and doctors must follow some industry standard practice. Why not financial advisors? Why not brokers? Why? Becuase the more Wall Street can confuse the public who’s interest they are representing the more they can over charge you and mislead you, meaning more profit for them.
Adopt a financial advisor standard of care.
That’s my 2 cents.
Bryan D Beatty, CFP