After decades of queering rules, abusing trust and lobbying against higher standards, the financial business is in full on panic mode about the prospects of an incoming fiduciary standard (having to put the best interests of clients ahead of the advisor’s profits).
A whole army of consultants are now mustering to help ‘advisors’ figure out workarounds or how to restructure their business practices. Most in the advice business have been so conflicted and self-serving for so long that they literally have no clue what changes are required. It is comical but not funny.
This slideshow has been prepared by consultants to help enlighten financial workers on their problem practices, but it offers customers and outsiders some valuable insight on the kind of antics which are presently widespread. If you use financial advisers/brokers/planners/representatives, it is worth your time to take a look at this.
See slide show: Fiduciary no-nos: 10 potential conflicts of interest.