Fiduciary or salesperson? An analysis from the Consumer Federation of America and Americans for Financial Reform finds that 25 major brokerage firms and insurance companies say one thing to consumers and another to courts.
And firms could be missing the boat by not embracing a fiduciary standard, according to a Cerulli report, which said that as investors are increasingly willing to pay for advice, firms aren’t responding to those investors’ preferences.
The CFA/AFR report, written by Micah Hauptman and Barbara Roper of CFA, titled “Financial Advisor or Investment Salesperson: Brokers and Insurers Want to Have It Both Ways,” says that the websites for the brokerage firms and insurance companies have different practices for attracting customers compared with those they use “when resisting regulation as fiduciary advisors.”
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