The duty of an advisor vs a broker operating under color of defective & misleading regulation
This is a huge issue, and most investors are unaware of it. It is driven by the best regulation that money can buy... and did.
"many financial professionals who hold themselves out as “trusted advisers” are legally allowed to recommend investments that pay the adviser more while exposing investors to higher costs, greater risks and poorer performance than available alternatives."
The Document You Should Ask Your Advisor to Sign
Barclays Capital Settles Allegations of Unsuitable Mutual-Fund Switches
"Barclays Capital Inc., a unit of British bank Barclays PLC, will pay $13.75 million in fines and restitution to settle allegations that its former U.S. wealth and investment-management unit failed to prevent thousands of unsuitable mutual-fund switches in customer accounts "
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