What Does Fiduciary Have To Do With It?
The financial services industry has recently been entrenched in a great deal of debate regarding some proposed changes to the way that independent advisors and brokers are regulated. One of the big points in the debate is the use of the term fiduciary. In the current debate, fiduciary is being used in a way that has all advisors, including fee-only registered investment advisors, lumped together.
We at TCI believe that a majority of people do not understand the term “fiduciary” as it is being used, nor do they grasp the importance of the current debate. Attached is a fantastic article by Bob Veres from Financial Planning Magazine that we hope can shed some light on the debate. The article uses a simple analogy to medicine in a humorous light to drive home the point.
At the close of the article, Bob Veres speaks about a small group of advisors who work in the best interest of their clients and are fee-only. As you may know, or not be surprised to learn, TCI is that kind of advisor. Our industry is unfortunately full of different business models but we can often look and feel the same to people looking for an advisor. Please share this article with any friends, family or clients you know may not be having their best interests served by their current advisor/broker.
Finally, we hope you gain an understanding of the importance of the ongoing fiduciary standard debate. If you are so inclined, please weigh in with your voice.