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

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