Consumer advocate Barbara Roper, who recently received the Institute for the Fiduciary Standard's annual Frankel Fiduciary Prize, knows a thing or two about the investment industry.
I had the honor of sitting down with her for an interview (see "Exclusive Interview: Barbara Roper Says Mere Disclosure Inadequate for Fiduciary Advice," FiduciaryNews.com, October 17, 2017). She mentioned one thing in particular that set those dusty gears in my head awhirlin'.
In distinguishing the difference between brokers – specifically, brokerage services – and advisers, she bluntly said, "This isn't the 1930s. We don't need licensed professionals to help us 'effect transactions' in securities. We can do that for ourselves with a few clicks of the mouse."
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