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Put Americans first, not American Businesses

Updated on November 19, 2016
Reason and Facts profile image

My area of expertise is bringing reason based analysis and clarity to complex issues, something sorely lacking in today's politics.

Financial and investment services have a long and storied tradition of...taking advantage of grandma and robbing her blind.

When you hire an investment adviser, their advice may or may not be in your best interests. If your adviser is a fiduciary, their advice and actions are required to be solely in your best interests and all conflicts of interest must be disclosed.

More likely though, your adviser is a broker-dealer or registered representative and their advice and actions are not held to this same standard. Their advice only has to be suitable. Believe it or not, this lower standard could result in your broker prioritizing their commissions ahead of recommending the best investment option. Forbes has a great explanation in the difference in standards, linked below.

http://www.forbes.com/sites/peterlazaroff/2016/04/06/the-difference-between-fiduciary-and-suitability-standards/#54f7223435bf

After years of wrangling, retirement investors finally scored a small victory in April 2016. The Department of Labor finalized a rule that requires all advisers who receive compensation for providing investment advice to do so adhering to the fiduciary standard.

House representative Jeb Hensarling (R-Texas) is currently working on the 'Financial Choice Act' reversing the fiduciary standard. Mr. Hensarling's reason for the act is the fiduciary standard is among, "...rules that hurt struggling citizens." It is hard to imagine any scenario where allowing someone to sell investment advice not in best interests of their clients is bad for struggling citizens. Rather, its only goal can be to allow big donors to revert to putting their interests first.

http://www.investmentnews.com/article/20160627/BLOG07/160629920/based-on-new-hensarling-bill-gop-not-keen-on-sec-fiduciary-rule


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    • profile image

      Howard Schneider 

      21 months ago from Parsippany, New Jersey

      Our political leaders should absolutely put the American people's interest over American businesses. Unfortunately the pendulum will swing the other way during a Trump Administration. Great Hub, Reasons and Facts.

    • profile image

      Sanxuary 

      21 months ago

      Elizabeth Warren is the biggest advocate for this and other related things to it. There is money out their but its a crap shoot and they can always do whatever they want with your money at your expense. I can hardly wait for the grand kids to discover they are unable to bury mom and pop on these reverse mortgages. The stock market is how the rich make money and keep it and are probably the number one reason for low wages and this horrible economy. If you paid people more they would buy more and they would make more. You can not convince the greedy who only care about earning statements that make there stocks look good. They could have made a lot more money by now but who is going to invest their pot of gold on better wages. After all none of them actually work or contribute to society unless they need a tax write off.

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