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DOL’s Fiduciary Rule Helps Wall Street – Not Consumers

The recent release of the “fiduciary rule” from the Department of Labor is being hailed as a boon to consumers. Conflicts of interest in the retirement advice industry are supposed to be a thing of the best. But will they be? Many consumers seek guidance from a brokerage firm. You know them well – Morgan [...]

In Wake of DOL’s Fiduciary Rule Key Regulator Doubts Robo-Advisors Can Be Fiduciaries

Earlier this week the Department of Labor (“DOL”) released new rules aimed at ensuring providers of retirement investment advice adhere to a fiduciary standard – that is, to put the best interests of clients first and above all. This may seem like an obvious point but as we wrote here many investors have no idea [...]

Simple Solution to Uniform Fiduciary Standard “Problem”

Much confusion exists in the minds of consumers about who in the financial services world is a fiduciary. Currently the product-pushers are lavishing ungodly sums of money upon Washington as their army of lobbyists seeks to water down or eliminate a uniform fiduciary standard. And these are the people who claim to be looking out [...]

The Fiduciary Standard in Plain Language

Can someone selling a product be looking out for the best interests of his/her customer? One’s individual intentions are irrelevant. What’s inherent in the business model is what drives behavior. MorningstarAdvisor provides this article explaining rather clearly how consumers of financial advice must take caution in determining where they get their information and the motives/incentives [...]

SEC Ignores Public’s Desire for Universal Fiduciary Standard

In our Sept 15th post we referenced an article highlighting the public's confusion over fiduciary standards. A new survey supports the idea that a single standard is warranted. Consider these findings from a recent Infogroup/Opinion Research Corp survey: 91% believe brokers should follow the same fiduciary standards as investment advisers 96% believe insurance agents should [...]

Tell Them What They Want To Hear

Should a financial relationship be about doing what’s right or feeling good?  The former, right?  Not so fast. A survey by index zealots DFA found the #1 thing valued in receiving financial guidance is a “sense of security / peace of mind.”  Not that that’s a bad thing of course but at 35% of respondents [...]

JPMorgan Chase Latest to Choose Themselves over Customers

Yesterday JPMorgan Chase & Co announced it sent some wealth management customers letters notifying them that they will be moved to the firm’s self-directed platform ahead of a pending Labor Department retirement regulation. Following their product-pushing brethren (banks, brokerage firms and insurance companies) it’s the latest move that puts themselves ahead of their customers. For [...]