Meaningless Titles and Empty Promises in the Money Business

I fear the clever marketing in the traditional financial services industry continues to confuse many people. They see the title “financial adviser,” “financial planner” or “financial” anything and expect to receive unbiased advice.

This concern makes me think of the sketch above, which I shared many years ago in a different context. Some expectations of the financial professionals we hire can lead to enormous disappointment, since these particular titles mean nothing. No universal standard of care exists that applies to the financial industry as a whole. Other than the financial professionals who are fiduciaries and must act in customers’ best interest, there is no requirement to put a client’s needs first.

Read the rest of the article on The New York Times.