Libor scandal, big banks making big bets with shareholder money, brokers selling their firms’ higher priced financial products to their clients rather than better performing lower priced ones. This is being done to their clients; can you imagine what they do to their non-clients! And, this is what we hear about, the ugly laundry aired by the press. I am sure that a vast multiple of this unethical behavior exists just below the surface.
So, way all of this bad behavior? Simply, greed! Unfortunately, it is everywhere. For the time being, the world is upside down. There is not accountability for one’s actions.
Look at the ferocity with which the financial industry is fighting the Department of Labor regarding fee disclosures, which the financial industry lost, and the new fiduciary rules. These are rules that should have been enacted decades ago. It is sad that a “client” is receiving “advice” that is not necessarily in his/her best interest. However, most likely it is in someone’s best interest, the broker’s!
And, lest you think that by going to an “independent” fee-based retirement planner you will receive “independent” advice. Think again! While they have a fiduciary responsibility, which a broker does not, they may not be providing unbiased advice. When was the last time that a financial planner (fiduciary responsibility), or a broker (no fiduciary responsibility), recommended that it makes sense to withdraw a good amount of an individual’s financial assets, that they earn a nice fee on, and purchase an annuity, especially an annuity that will provide them with no fees?
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