Schwab Ads Place Clients and Fiduciaries Front And Center | Page 2 of 2 | ETF Trends


But it goes much further than that. Most financial intermediaries, across all financial services models, want to put investor client’s interests first, according to four years of fi360 Fiduciary survey results. The majority of these intermediaries support the DOL’s fiduciary requirements and also believe that advice on rollovers from IRA accounts should be fiduciary – in the investor’s best interest.

But the many intermediaries (not required to be fiduciary) who have worked to put their clients’ best interest first, while in the brokerage and insurance models, have had to swim upstream in a world where products are larded with commissions and fees, up-front and ongoing. These intermediaries are ranked on production — how much they sell and how much revenue they bring into the firm and for themselves. They’re paid to sell to investors. Kudos to those who make their best effort despite of the lack of support from firm management.

Firms that want to be in the retirement business will have to provide fiduciary support to well-meaning intermediaries; while those who deny fiduciary care will have to leave that part of the financial services industry. A handful will leave, and that is undoubtedly a good thing.

Click here to read the full story on