For years, investors were unaware that the advisor they are working with may not have been working in their best interests. They go to someone that they trust to handle their hard-earned money without a thought that this person, who again they trust, may not have had their interests in mind at all. What the courts and Wall Street have said by vacating the ruling to require all advisors to be a fiduciary is that they don’t feel it is necessary to put the client’s interests first.
In the investment world, there are options for almost every type of client and investor. Products that could drastically change the outcome of your investments and ultimately your aspirations. So, because there are so many options and confusion around this investment world, you work with someone that can help. It does not even cross your mind that you may have gone to someone only looking to make a quick buck off your well-being and financial future. It’s like saying you go to a dentist with a perfect smile and he tells you that you need braces. You walk out of the office thinking that recommendation is interesting because you feel your teeth are as straight as they could be, but trust that he is a professional and has your best interests in mind. You proceed with the dentist’s recommendation and get the braces. A silly example, I know, but it puts to truth that you should not walk in to any office and receive advice if you do not know they have your best interests in mind.
Now, what does this change and how does this affect the consumer? The simple answer is, this changes nothing and only negatively impacts the consumer. This says that the Wall Street and large financial firms will not put the client’s interests first. The Department of Labor saw this as a massive problem and knew something needed to be done. They spent years and millions of dollars to try and change the future of this industry, but Wall Street would not let it happen. Wall Street can only see their profits being cut, which says only one thing, they think about themselves and no one else. As an investor, to ensure your financial well-being is given the accurate advice, you need to find a fiduciary. Believe it or not, there are advisors in this industry that want to put the client first. Consumers will find these advisors on their own, separated from the large firms that encouraged them to act in the best interests of the firm, with the freedom and knowledge to provide accurate and complete advice to their clients.
Public Sector Investor has been a true fiduciary since day one. We believe the concept of a fiduciary is so important that we wanted to provide all clients with our FiduciaryShield promise.
- Give 100% accurate, complete, straightforward and timely information about your investments.
- Act in your best interest when selecting, monitoring, and replacing investments in your portfolio
- Avoid conflicts of interest and disclose all material facts.
- Ensure that costs are fair and reasonable.
Our FiduciaryShield says that Public Sector Investor promises to be a true fiduciary to all our clients, current and future.