At least the Republican party is consistent. They have consistently sided with the financial services industry over the protection of consumers. During the Bush years when they had full control of Congress they catered to the whims of the financial and insurance industry and worked to allow conflicted advice to consumers. The Democrats haven’t been much better in terms of catering to the financial services industry, but at least they are right on the issue of a universal fiduciary standard. House Republicans are not working to undermine the movement to ensure that ALL consumers have their interests put first.
I believe that all advisors should be held to the same standard, one that places the interests of their clients above their own (a fiduciary standard) – this doesn’t actually sound controversial. Would you want your mother to work with someone who will work in her best interest or someone who is not required to work in her best interest? Evidently, the Republican party wants the latter. Very disappointing.
Scott Dauenhauer CFP. MSFP, AIF