Maybe It's a Good Thing That the Industry Fights the Fiduciary Standard

By Bill Bachrach via

The headline reads: “Wall Street wins big as Dodd drops fiduciary provision.” And the first line of that article is “Chalk it up as a win for the securities and insurance industries.”

How do the securities and insurance industries win when the client loses? It’s a fascinating way to view the world, but not surprising. Here’s my translation, “the lower the standards the easier it is for us to manage our advisors, wealth managers, salespeople, and agents.”

It’s the usual product-oriented, fear-based thinking from our industry at-large and it’s proves, once again, that you have a competitive advantage as an individual Trusted Advisor who chooses to put the client first. Can you believe what you just read: you have a competitive advantage by putting the client first? Yes, you do. Doesn’t everyone put the client first? Apparently not.

Amazingly enough, our industry considers it a win when they don’t have to adopt the highest standard of care for their clients. Wow. Here’s what Wikipedia has to say about Fiduciary.

Click here to read the full story on