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 years their bloated marketing budgets and PR departments have churned out weapons-grade BS – lots of dreamy imagery of what client financial success is and how they can be a partner to it.

The reality quite a contrast. The fiduciary rule aims to put the interests of retirement investors first by eliminating potential conflicts of interest for advisers. Rather than do what’s right by clients this move to self-directed says, “You figure out what to do. We won’t help you. We don’t want to put your interests first. It’s not profitable and we don’t want the risk of being sued.”

More food for thought when choosing where to receive financial advice.

Caveat Emptor!