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It’s Time Everybody Knew!
Yesterday I spent the day in Washington DC representing the FPA of Northeast Wisconsin meeting with a Senator and staff to support the Financial Planning Coalition's positions. I came away very honored that this Senator and staff believe in what true financial planners do and may be willing to take some political risk to bring the profession forward. On my way home, it struck me how absurd the entire argument against a fiduciary duty is and I decided that I would forgo today's "Friday Financial Feeds" and instead get on my soapbox. If you find this important, as I do, please share as much as possible. It is time everyone knew!
The issue is a very straightforward and ugly one. Many firms in the financial services industry are dead-set against and willing to spend significant resources so that they do not need to do what is in your best interest as a client! They have lobbied hard to prevent from being subject to what is known as a fiduciary standard. This standard would require people providing financial planning services to put the client's interest first, before the planner's interest and before the company's interest. THESE COMPANIES DO NOT WANT TO DO THIS! They DO NOT want to WORK FOR YOU! THEY DO NOT WANT TO WORK IN YOUR BEST INTEREST! Their goal is to part you from your money!
Yes, entrepreneurship is the American way. Yes, companies are established to create a profit. But what is being done is, in my opinion, virtually unethical and certainly deceitful. The relationship these companies would have you believe you will receive is a relationship of mutual trust where you can feel comfortable with the advice received and where that advice is in your best interest. But they then turn around and do not work in your best interest. They attempt to blur the line between those who do work in your best interest and those who do not.
Entrepreneurship is a wonderful thing; deceit in the name of profit, however, is despicable and should be rooted out and vilified. These companies are deceiving you every day. They have created a system to deceive you. They do not work for you! If you don't believe me, check where large investment companies and insurance companies stand in the financial reform debate. If they do not support a true fiduciary duty where they must place a client's interest ahead of their own, know they do not stand with you. They have consistently offered volumes of reasons why working in your best interest is not beneficial to you. It's all a load of crap! Do not believe it! These are hollow arguments meant to confuse the debate and shift the focus away from the fact that THESE COMPANIES DO NOT WANT TO WORK IN YOUR BEST INTEREST!
Individually your financial advisor working for one of these firms may do a great job for you, but be certain their firm has created a system of incentives and pressure for them not to do so.
It is time for the American public to understand what is going on behind the curtain. Demand good financial advice! Demand financial advice be given in YOUR best interest! Take these companies to task for their deceitful, anti-consumer positions!
Please share this with everyone possible. This is a message I believe everyone should hear, despite my rough delivery. It is time everybody knew!
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