Back in November we wrote about the spin coming from Wall St ahead of the Dept of Labor’s Fiduciary Rule.  We were skeptical of the Wall St sales machine’s intentions.  It seems we were right to do so.

In response to the Fiduciary Rule’s delay and expectation it will be gutted (or completely killed) Merrill Lynch is backtracking.

Merrill is but a microcosm.  These large, publicly-trade firms (or those owned by even larger, publicly-traded firms) serve only one interest – that of their shareholders.  They never have nor will they ever be interested in doing what’s right for the customer.

Food for thought when deciding where to obtain financial advice.

Caveat Emptor!