Comments on: What Wall Street Doesn’t Want You to Know About Fiduciaries http://www.swimupstreamtowealth.com/2010/03/what-wall-street-doesnt-want-you-to-know-about-fiduciaries/ Thinking Differently Than Conventional Wisdom Thu, 02 Sep 2010 13:30:49 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: Kirk Kinder http://www.swimupstreamtowealth.com/2010/03/what-wall-street-doesnt-want-you-to-know-about-fiduciaries/comment-page-1/#comment-81 Kirk Kinder Fri, 26 Mar 2010 14:34:12 +0000 http://www.swimupstreamtowealth.com/?p=389#comment-81 Michelle,<br><br>I hope you are right, but it already appears that the Dodd bill isn't going to mandate the fiduciary language. I don't have a problem with a broker being a broker. So long as the public knows that the broker's job is to sell product. The problem is, as you eloquently pointed out, is brokers are now portraying themselves as planners. But, they are not held to that standard. Hopefully, this will eventually make it into law; I wouldn't hold my breath though. Michelle,

I hope you are right, but it already appears that the Dodd bill isn't going to mandate the fiduciary language. I don't have a problem with a broker being a broker. So long as the public knows that the broker's job is to sell product. The problem is, as you eloquently pointed out, is brokers are now portraying themselves as planners. But, they are not held to that standard. Hopefully, this will eventually make it into law; I wouldn't hold my breath though.

]]> By: Michelle http://www.swimupstreamtowealth.com/2010/03/what-wall-street-doesnt-want-you-to-know-about-fiduciaries/comment-page-1/#comment-78 Michelle Sat, 20 Mar 2010 15:53:42 +0000 http://www.swimupstreamtowealth.com/?p=389#comment-78 I think that it's important to note that holding brokers to the fiduciary standard wasn't necessary in the past. Investors were their own adviser and simply went to the broker to make the trade and some brokers still act this way. However, over time, more and more brokers began acting as advisers and began pushing certain products that had a higher commission for them even if it wasn't in the client's best interest. I think that this law will get rid of the double standards investment adviser lobbyists will also see this as another victory against the declining brokerage industry... I think that it's important to note that holding brokers to the fiduciary standard wasn't necessary in the past. Investors were their own adviser and simply went to the broker to make the trade and some brokers still act this way. However, over time, more and more brokers began acting as advisers and began pushing certain products that had a higher commission for them even if it wasn't in the client's best interest. I think that this law will get rid of the double standards investment adviser lobbyists will also see this as another victory against the declining brokerage industry…

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