By Michael Kay via Iris.xyz
I am not referring to the “financial advisor” who advises you to double down on a stock or buy an annuity or insurance product while requesting your signature.
I am referring to the financial advisor who communicates with you that you’re not saving enough for the goals you’ve laid out, that you’re not taking action on things to which you committed, who provides meaningful support in helping you move closer to your goals.
The financial industry has been trying to find its voice from the root of a business that was originally created to sell products — and is now moving towards providing objective information, guidance and appropriate support — in an effort to legitimize itself from a sales force to the professional ranks.
Transitions, by nature, are challenging; but attempting to recreate the core of an industry that was once focused entirely on self-interest (commissions earned for products sold) to fiduciary (acting in the clients’ best interest) shakes the very core of our great institutions that have been built on manufacturing and selling products that impact their bottom line as primary consideration.
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