July 31, 2018
After 16 years in the business of helping individuals through the retirement process, I can say without a doubt the most important thing individuals need is independent objective advice. It is always in the individuals best interest to make educated financial decisions. Educated individuals would never choose the high commissioned products that are being pushed on them by the high-pressure sales tactics of commissioned salespeople posing as a fiduciary.
As an industry, we should move to the education based commission-free system put in place in the United Kingdom in 2013.
The fiduciary standard should only be used by fee-only advisors that work to educate clients. It should not be used by commissioned salespeople that simply have too many conflicts of interest.
Thank you