I regret that we dialed back the clock and returned to a “buyer beware” marketplace of financial services after President Trump yesterday unhinged the fiduciary rule for financial advisers. This move shouldn’t come as a surprise; it is a favor for Wall Street firms who depend on naive financial consumers for their profits. Trump has demonstrated disregard for the concept of conflict of interest in business dealings and wishes to repeal regulations that impede businesses in their pursuit of greater profits, even at the expense of unwary consumers.
This makes it more important that we pay more attention to the method of compensation, legal requirements and undisclosed details when choosing financial products and services. I wrote an article on this topic in 2012 titled “Know who to trust for financial advice” that has new value today.