Tara Siegel Bernard writes in the NY Times, “Most investors don’t realize that when they walk into a bank or brokerage firm branch, the representatives there are essentially free to emblazon their business cards with whatever titles they please — financial consultants, advisers, wealth managers, to name a few. But if you’re looking for someone who is qualified to give smart advice about all aspects of your financial life while keeping costs down, you may not be in the right place.”
She goes on to say, “Still, the biggest danger right now, experts say, goes back to the fact that most consumers don’t know who they are dealing with when they sit down with a broker.” She quotes Arthur Laby, a professor at Rutgers School of Law-Camden, and a former assistant general counsel at the S.E.C. “The greatest risk the average investor runs is the risk of being misled into thinking that the broker is acting in the best interest of the client, as opposed to acting in the firm’s interest.”
To see the full article go to: http://www.nytimes.com/2012/07/07/your-money/beware-of-fancy-financial-adviser-titles.html?_r=1&src=me&ref=your-money
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