By: Jack WaymirecloseAuthor: Jack Waymire Name: Jack Waymire
Email: jack@paladinregistry.com
Site: http://paladinregistry.com
About: Jack writes for the InvestorWatchdog website and Worth magazine. He worked in the financial services industry from 1976 to 2004. For twenty of those years he was the president of a Registered Investment Advisory firm and a Broker/Dealer. Jack is the author of Who's Watching Your Money? The 17 Paladin Principles for Selecting a Financial Advisor and is a co-founder of PaladinRegistry.com.See Authors Posts (87) | September 30, 2009 | Wall Street Ethics, Who Can I Trust?

Imagine how much better it would be for investors if they met with financial advisors and the first document they received contained proof for identity, licensing, years of experience, education, certifications, compliance record, compensation, and potential conflicts of interest.

Every advisor in America could provide this information tomorrow, but do not hold your breath. Wall Street does not want you to have this information because it would have a negative impact on industry profits.

The financial services industry hires thousands of new financial advisors every year. Companies want them producing revenue as soon as possible. If you had the facts, for example years of experience, you would not buy their sales recommendations or turn your assets over to them. No sales = no revenue = no profits.

Thousands more financial advisors receive serious investor complaints every year that appear on their compliance records (www.FINRA.org). Their records may show complaints, but they are allowed to remain in the industry because they produce substantial revenues for their companies. It is up to you to find and act on the complaints.

Now you know the reason why Wall Street talks about transparency, but does not practice it. It is about the money!