Your doctor is obligated to give you the best medical care for you, right? And your lawyer – you expect them to give you the best possible advice for your particular situation. Why would financial advisors be different?
Today we’re talking about the current double standard for people who give financial advice, and how the Department of Labor’s new fiduciary rule will help consumers. Sharing his in-depth knowledge is expert Michael Kitces, partner at Pinnacle Advisory Group and publisher of the Nerd’s Eye View blog at Kitces.com.
- The time Michael was turned down for a job as a financial planner,
- Why it is so hard to distinguish between sales and advice when it comes to financial products,
- How to figure out if your financial advisor is working to a suitability standard or a fiduciary standard, and why you should care,
- When the fiduciary responsibility doesn’t have to be applied, and
- How these changes fit in with the rest of the world.
It’s a fascinating look behind the scenes of the financial services industry, and a great explanation of how the new rules will help consumers.