From the NY Times article by Ron Lieber:
So much hand-wringing over such a simple proposition: When a financial professional gives you advice about the life savings in your retirement account, that person ought to act in your best interest.
It took several years for this so-called fiduciary rule to gain approval — firms are supposed to begin following the new rules in April — thanks to pushback from people in the financial services industry. And then, in the course of a week, we’ve seen President Trump tell the Labor Department to study this uncontroversial (and already much-studied) proposition, which he wants to upend. A few days later came a big loss for industry players who challenged the legitimacy of the rule in Texas, where a federal judge ruled against them.
But let’s put the focus back where it belongs: not on politics or the law, but on you. The best way to understand what the fiduciary debate is about — and to protect yourself — is to view this discussion through the lens of fees.
Every time you do business with people in the financial services industry, ask them this: How much money are you making, and what are the different ways you are making it?
https://www.nytimes.com/2017/02/10/your-money/the-21-questions-youre-going-to-need-to-ask-about-investment-fees.html?em_pos=large&emc=edit_my_20170213&nl=your-money&nlid=20007425&ref=headline&te=1&_r=0
Comments
Thank you for this article and your other adviser related article.
I'm sure that you too have helped a few individuals along the proper investment path over the years.
Take care,
Catch