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It is currently Tue Jul 22, 2014 11:44 am




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 Post subject: Scary stat I ran across
PostPosted: Tue Mar 25, 2014 1:34 am 
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Joined: Tue Jan 07, 2014 8:49 am
Posts: 140
Location: Easy Street
In the February 2014 edition of the Journal of Financial Planning there is an article concerning some proposals for requiring all people who sell financial products to comply with a fiduciary standard - roughly translated to mean that the adviser is required to place the client's needs ahead of their own.

The article cites a 2012 University of Georgia survey that asked 134 FINRA registered representatives if the advice they gave clients would change if they were legally bound to provide a fiduciary standard of care. 17% said the advice they gave would change. 16% said they did not know.

Many on these boards were already aware that advice coming from people selling financial products needs to be given due diligence, but to see that a full third of registered representatives freely admit they don't put client's needs first was a bit disturbing.

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 Post subject: Re: Scary stat I ran across
PostPosted: Tue Mar 25, 2014 12:23 pm 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1590
Location: Seattle, WA
David.Paul wrote:
17% said the advice they gave would change. 16% said they did not know.


Apparently, 67% of registered financial representatives are liars.


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 Post subject: Re: Scary stat I ran across
PostPosted: Tue Mar 25, 2014 1:36 pm 
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stannius wrote:
David.Paul wrote:
17% said the advice they gave would change. 16% said they did not know.


Apparently, 67% of registered financial representatives are liars.

:)

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 Post subject: Re: Scary stat I ran across
PostPosted: Wed Mar 26, 2014 12:24 am 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5276
stannius wrote:
David.Paul wrote:
17% said the advice they gave would change. 16% said they did not know.


Apparently, 67% of registered financial representatives are liars.


Ah c'mon Stannius, they might just be really stupid.


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 Post subject: Re: Scary stat I ran across
PostPosted: Wed Mar 26, 2014 12:28 am 
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I can't help but recall today's verdict of Madoff's employees. Every one of them claimed they had no idea they were committing crimes. If we take that at face value we must believe that executives at a major Wall Street firm were complete idiots for decades. If we think they are lying we must accept that criminals held positions of trust at major Wall Street firms for decades. I honestly don't know what is worse. But I think anything that holds individuals accountable in finance is a good thing.


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 Post subject: Re: Scary stat I ran across
PostPosted: Sun Apr 27, 2014 1:46 pm 

Joined: Tue Feb 25, 2014 9:37 am
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I can't believe the cynicism here! If 67% implied that they would not change the advice they gave, it could be that at least some of them felt the advice they offered was sound and would follow it themselves. eh?? :^)


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 Post subject: Re: Scary stat I ran across
PostPosted: Sat Jun 14, 2014 4:52 am 

Joined: Sat Jun 14, 2014 4:38 am
Posts: 1
David.Paul wrote:
stannius wrote:
David.Paul wrote:
17% said the advice they gave would change. 16% said they did not know.


Apparently, 67% of registered financial representatives are liars.

:)


Thats shocking!


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 Post subject: Re: Scary stat I ran across
PostPosted: Sat Jun 14, 2014 7:44 am 

Joined: Sun Jan 06, 2013 10:30 pm
Posts: 101
David.Paul wrote:
The article cites a 2012 University of Georgia survey that asked 134 FINRA registered representatives if the advice they gave clients would change if they were legally bound to provide a fiduciary standard of care. 17% said the advice they gave would change. 16% said they did not know.
Yeah this is the reason why I stop usng a CFP, and started DIY and it seem to be paying off. No more paying fees when I can easily do it myself and automate my investing.

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 Post subject: Re: Scary stat I ran across
PostPosted: Fri Jun 27, 2014 9:16 am 

Joined: Fri Jun 27, 2014 8:45 am
Posts: 3
stannius wrote:
David.Paul wrote:
17% said the advice they gave would change. 16% said they did not know.


Apparently, 67% of registered financial representatives are liars.


lol, that's a good one :D


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