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
Other articles filed under Family Finances
April 24, 2019
Stock Markets Stocks rebounded nicely. Tech stocks (FANGs – Facebook, Amazon, Netflix, Google) after leading the way down in last year’s fourth quarter (off 22%) led stocks back up (up 23%). A global stock portfolio earned about 12% this quarter...
April 22, 2019
Many of us are familiar with insurance for your home, auto and life, but the reality is - we don't often know our specific coverages until we need to make a claim. Insurance has become so specific it’s worthwhile to...
April 19, 2019
It’s no secret that since the Financial Crisis value stocks have underperformed growth stocks. Many theories exist as to why this has happened, none of which can be confirmed as truth. This begs the question “what does this last decade...
April 17, 2019
If you’re like most people, you know that planning to achieve your financial goals involves more than just budgeting and saving for retirement. You’ve undoubtedly received financial advice, solicited or otherwise, from some combination of family, friends, coworkers, or even...
February 8, 2019
Over the summer, we had a client ask if there was a place to look for existing accounts or funds they or family members may have accumulated and forgotten about over the years. That sparked Julie’s memory of the New...