This 30 second ad really bugs me...

C

Cabin111

Fisher Investments...


I know what they are saying...But many people may not see behind the screens. They are stressing a fiduciary relationship with their clients. I am also hearing hour long infomercials talking about fiduciary relationships. This use to be your real estate broker (sellers side), CPA, and attorney. Hardly any other people were this.

What has happened now is brokerage firms and insurance companies are using this word. They either hire an attorney and/or CPA to make it sound inviting...Safe. And yes, they are a fiduciary. BUT, they really may not have your best interest at heart. You may say you want safety in your investment. They could push you to annuities. That can be a very bad choice if inflation rises up. Plus the contracts are filled with things that are really not in the best interest of their clients...But they have the CPA and attorney to make it sound OK.

Just sits with me wrong...
 
We see most ads with our eyes closed.
We hear most ads with our ears closed.

But we do see and hear some interesting ads repeatedly.
 
tiddlywinks said:
Regulation Best Interest is a 2019 SEC rule
which basically "replaced" Dept of Labor Regulation FD.

Yes, they are a fiduciary, which carries more severe penalties vs the old "suitability" requirement.

https://www.investopedia.com/what-is-the-sec-s-regulation-bi-best-interest-rule-4689542
More...

What is says in your link...That is what I see!!

Criticism of Regulation BI
Some critics see Regulation BI as a weak replacement for Regulation FD. Jon Stein, founder and CEO of Betterment, a digital advisor, said, “Regulation Best Interest will likely hurt retail investors who need quality advice that puts their interests first. Unfortunately, this misleadingly titled rule may best serve the marketing interests of large financial corporations to the detriment of individual investors. It is a gift of sheep’s clothing to the wolves of Wall Street.”
 
Cabin111 said:
What is says in your link...That is what I see!!

Criticism of Regulation BI
Some critics see Regulation BI as a weak replacement for Regulation FD. Jon Stein, founder and CEO of Betterment, a digital advisor, said, “Regulation Best Interest will likely hurt retail investors who need quality advice that puts their interests first. Unfortunately, this misleadingly titled rule may best serve the marketing interests of large financial corporations to the detriment of individual investors. It is a gift of sheep’s clothing to the wolves of Wall Street.”
More...

trumps gift to Wall Street.
 
Cabin111 said:
What is says in your link...That is what I see!!

Criticism of Regulation BI
Some critics see Regulation BI as a weak replacement for Regulation FD. Jon Stein, founder and CEO of Betterment, a digital advisor, said, “Regulation Best Interest will likely hurt retail investors who need quality advice that puts their interests first. Unfortunately, this misleadingly titled rule may best serve the marketing interests of large financial corporations to the detriment of individual investors. It is a gift of sheep’s clothing to the wolves of Wall Street.”
More...

And this is what it says on Betterment site. Seems to me Jon Stein speaks out of both sides of his mouth.

I particularly enjoy the the last para...
"This way, customers may be sure that most financial advice they receive from Betterment, whether online or from our team of human advisors, is in their best interest."

MOST financial advice from Betterment... LOL!


Why Betterment Is A Fiduciary
A common point of confusion is whether or not “robo advisors” can be fiduciaries. Let’s clear up any ambiguities: they certainly can be.

Betterment is an RIA and is held to the fiduciary standard as required under the Investment Advisors Act.

We act as a fiduciary because we are committed to helping you build a better life, where you can save more for the future and can make the most of your money through our cash management products and through our investing and retirement products.

And, our dedicated team of human advisors are CFP™ professionals, and as such, are held to the fiduciary standard as well.

This way, customers may be sure that most financial advice they receive from Betterment, whether online or from our team of human advisors, is in their best interest.


https://www.betterment.com/resources/what-is-fiduciary/
 
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Brokers are not fiduciaries.
They need not recommend an investment which is the cheapest for the customer. It only needs to be suitable for the customer.

Investment advisors are fiduciaries.
 
zdreg said:
Brokers are not fiduciaries.
They need not recommend an investment which is the cheapest for the customer. It only needs to be suitable for the customer.

Investment advisors are fiduciaries.
More...

This is very tricky...Changing the meaning of a word. Trust and loyalty is what it use to mean. "I have your highest interest in mind", is what it use to mean. Many times it would mean your lawyer would say "walk away from this issue...I'll make tons of money and you will pay me". I can not see an investment advisors say "please leave us...We will harm you in this situation".

With the change of the law, the word means something else.
 
What's ads? Who is listening or watching ads these days? YouTube premium, no ads. Ad blocker on mobile and PC, no ads. No TV, not for years, no ads. Netflix, no ads. I have not watched or heard an ad now for probably more than 2 years.

And since when does anyone act in your best interest. Never happened ever. Take care of your affairs and act in your own best interest, that's all you can and should do. Trust no one outside family and trusted friends. Perfect recipe to only get duped perhaps once or twice in your lifetime.

maxinger said:
We see most ads with our eyes closed.
We hear most ads with our ears closed.

But we do see and hear some interesting ads repeatedly.
More...
 
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