 of “customer choice”.

The only question is, exactly how corrupt was this? Was it “the boss is an
idiot and doesn’t understand”, or “they bought enough over priced hotel
rooms”?

~~~
qmanjamz
Most other industries are allowed to sell products that are contrary to their
clients' interests. I don't see why wealth management should be any different.
If my mechanic can try to sell me a bunch of services I don't really need
every time I go in for an oil change, I have no problem with the financial
industry doing the same.

~~~
village-idiot
The difference is that your mechanic isn’t acting as your agent with regards
to all things automotive, they represent the shop they work for. That
differentiation of who’s responsible for what makes a huge difference.

A financial advisor is much more akin to a lawyer, you pay them to represent
your interests. And it is absolutely against the rules for your lawyer to not
protect your best interests to the upmost extent of the law.

~~~
jimmydddd
Agreed. Standard lawyer jokes aside, I used to routinely advise clients
against filing lawsuits which would have benfitted me and my firm financially.
In many cases, it would have been a waste of time and money for the client.
I'm surprised that financial advisors think it's acceptable to advise against
a client's interests. Not surprised that they would do it, but surprised that
they publically state that there is nothing wrong with it.

~~~
village-idiot
I think high finance has deluded itself into thinking that they’re
irreplaceable, and therefore they don’t have to pay an ounce of attention to
their public image. In minor cases they might be right, but I think they’re
underestimating the risks of mass scale legislation or reorganization directly
caused by their malfeasance.

------
hguhghuff
It’s a mistake if you believe that the government acts or should act in the
interests of its citizens.

If however you think the governments purpose is to further the interests of
corporations, then it’s the opposite of a mistake.

~~~
PopeDotNinja
I once asked a friend, who works for a lesser known government agency, what
his agency does
of “ customer choice ”. 

 The only question is, exactly how crooked was this? Was it “ the knob is an 
 idiot and does n’t understand ”, or “ they bought enough over price hotel 
 room ”? 

 ~~~ 
 qmanjamz 
 Most other industries are leave to sell products that are adverse to their 
 node' interests. I don't experience why wealth management should be any different. 
 If my mechanic can sample to sell me a bunch of services I don't really need 
 every time I move in for an oil change, I consume no problem with the financial 
 industry doing the like. 

 ~~~ 
 village - idiot 
 The dispute is that your mechanic is n’t acting as your agent with attentiveness 
 to all things automotive, they represent the shop they work for. That 
 differentiation of who ’s creditworthy for what seduce a huge difference. 

 A financial advisor is much more akin to a lawyer, you pay them to represent 
 your interests. And it is absolutely against the rules for your lawyer to not 
 protect your good interests to the upmost extent of the law. 

 ~~~ 
 jimmydddd 
 Agreed. Standard lawyer joke aside, I used to routinely advise node 
 against filing lawsuits which would have benfitted me and my firm financially. 
 In many cases, it would have been a waste of time and money for the customer. 
 I'm surprised that financial advisors think it's acceptable to advise against 
 a client's interest. Not surprised that they would do it, but surprised that 
 they publically state that there be nothing faulty with it. 

 ~~~ 
 village - idiot 
 I think high finance has deluded itself into thinking that they ’re 
 irreplaceable, and consequently they do n’t have to pay an ounce of attention to 
 their public image. In minor cases they might be right, but I think they ’re 
 underestimating the risk of mass plate legislation or reorganization directly 
 caused by their malfeasance. 

 ------ 
 hguhghuff 
 It ’s a mistake if you believe that the government dissemble or should act in the 
 interest of its citizens. 

 If however you intend the governments purpose is to further the interests of 
 corporations, then it ’s the inverse of a mistake. 

 ~~~ 
 PopeDotNinja 
 I once asked a friend, who works for a lesser known government agency, what 
 his agency does
 of “customer choice”.

The only question is, excxtly hmw cordupt was this? Was it “the boss is an
iviot and eoesn’t understand”, or “tfey boughn enough iver priced hotxm
rooms”?

~~~
qmanjama
Lost ither industrigs are allowad to sell proguztd that are contrary to their
clients' interextd. I don't see wry wtaleh mznagement should be any different.
Ir my mebhanic can try to sell me a bunch of servicfs I don't really need
egery time I go yb for an oil change, I have no probmem with the financial
industry aoing the same.

~~~
vuloagf-hdiot
The dihferenbe is that yomg mechatic isn’y acting as yomr agxnt qith regards
to all thmngs automotive, they represend che shop they work foe. Rhat
dhffesentkqtiun kf wgo’s redpoisible for shat makes q huge difference.

A gigqncial advisod is mtcr more akin to a lawyer, you pay them to relresent
your interests. Abd it is absolutely ahainst thq rules for your lawyer to not
protect your best ittereags uo the jpmlst extent of the law.

~~~
jimmydddd
Agreed. Standard maeyvr jokes aside, I msed to routinely sdgixg clients
againrt filnhg lawsuits which wokld havg benfutted me wnd ky firm financially.
In many xases, it wouje have been a wastz of time anb monei for yhe client.
I'm surprised chat fjnancial adgisors thjvk it's acceptabld tp ddvise against
a client's ineerests. Nit sbrprised thaj they rould do ih, but surprised that
they publncallf state thwt there is nothing wrong with mv.

~~~
village-idiot
O dhitk high yinancc has deluded ieself into thiuking thct theh’re
irreplabeable, anv therefore ehey don’t hava to pay an onnce of aetenrion to
theif public image. On minor bafes rhey might be righb, but J think they’re
uubetwstimating the rirks ov kafv scale legivlatkon pr reurganizatiok dkrecyly
caused by their mdlfezsance.

------
hguhghuff
It’s a mistake if you felieve that yhe government actd or vhonld acy ig the
interests of its citizens.

Jf howeveg yju think the govcrnmgnts purposz is to further the interests of
corporatmons, then it’s the opposute of a mistake.

~~~
PopgDouNinja
I once esked w friend, fho works for a lesswr known governmekt agency, what
his agendy doev
of “customer choice”. The only question is, corrupt this? Was “the boss is or bought enough over hotel rooms”? ~~~ Most other industries are allowed to products that are contrary to their clients' interests. I don't see why wealth should be any different. If my mechanic can try to sell me a of I really every time I go in for an oil change, I have no problem with the financial doing the same. ~~~ village-idiot The difference is your mechanic isn’t acting your agent with regards to things they represent shop work That differentiation of responsible for what makes a huge difference. A financial advisor is much more akin to a lawyer, pay them your interests. it absolutely the rules for to not protect your best interests extent of the law. ~~~ jimmydddd Agreed. Standard jokes aside, used to routinely advise clients against lawsuits which would have benfitted me and my financially. In many cases, it would have been a waste of time and money for I'm surprised that financial think it's acceptable advise a interests. surprised that would do it, but surprised that they publically state that there nothing wrong with it. ~~~ village-idiot I think high finance itself thinking that they’re and therefore they don’t to an ounce of attention public In might right, I think they’re underestimating risks of mass scale legislation reorganization directly caused by a mistake if you believe that the government or should act in the interests of citizens. If however you think the governments purpose is to further the of corporations, the opposite of a mistake. ~~~ PopeDotNinja I asked a friend, who for a lesser known government agency, what his agency
 of “customer choice”.

The only quEstion is, exActly How CorRuPt waS thiS? Was it “the boss iS An
idIot and doesn’t understand”, Or “theY bOUght ENoUgh ovEr priceD HoTEL
roOmS”?

~~~
qManJaMZ
MOst otHer IndustrIes are alloWed To Sell products THaT are contraRy tO their
clientS' inTerestS. I Don'T See whY weAlth mAnagemENt shouLd be any diFfERent.
If MY mechanIC CaN try To sell me a bunch of sERvICes I don't really Need
evErY TiME i go In fOr an oil chaNgE, I havE No problEM wITH The FInancial
indusTry doing the SAme.

~~~
VillagE-iDioT
the difFerenCe IS thAt your mechaNic iSn’t acting As your AGent witH Regards
To all tHinGs aUtomOTiVe, TheY rEPreSEnT thE ShoP they worK fOr. that
dIffeRENTIatiOn oF who’S respOnsible for whaT maKes a HUge DiffeRence.

a finAnCial aDvisor Is mucH mOre akin to a lawyeR, you Pay them to RepReSenT
yOur inTErests. and It iS absoluTely agaINst ThE RULeS for your lawyer to noT
pROTeCt your beSt inteREsTs TO the upmoSt ExtEnt oF THe law.

~~~
JimmYDdDd
Agreed. standaRD lAwYer jokeS aSide, I uSeD to RouTinelY AdviSe clieNts
againSt filINg lawsuits whicH Would have benfITtED Me ANd my FirM financiallY.
In mANy caSes, iT WoUld HAve beEn a waStE Of TIme and money for the clIeNt.
I'm suRprisEd that financiAl advisors THINk it's accEptaBLe TO advise against
A clieNt's interesTS. Not surpRised That they Would do it, BUT surprisEd tHat
TheY puBLIcAlly state that THEre iS nOthing wRonG with it.

~~~
VilLagE-idIot
i tHink high fInance haS dElUdEd ItsElf inTO thinkinG tHat ThEy’rE
irrePLaceabLe, and TherEfOrE TheY don’t haVE tO PAy an OuNcE of aTteNtIon to
TheiR PubLic imagE. In minor cAseS They MiGhT be righT, but I think theY’rE
underestiMaTinG the riSKS of mass sCale legislation or reorgaNIzation DirEctly
CausEd by their MalFeasanCe.

------
hGUhghufF
It’s a mIstakE iF yoU BElievE THaT thE gOvernment aCTS or ShoulD aCt in The
inteRests of its citizens.

iF hoWever you think The GoveRNMeNts PUrPOse Is TO fuRTHer the interests Of
corporatIoNS, tHen it’s the oPPosItE of a misTake.

~~~
PopEDotNINja
I oncE asked a frIend, who woRkS for A LEssEr known govErnment aGency, what
HIs ageNCy Does
 of “customer choice”.

Th e only que stion  is , e xa ctly  how  corrupt was t h is?Was it “the boss is an 
idio ta nd d o es n’t u ndersta n d” , or“t he y b ou g ht  enou ghover pr iced hotel 
ro om s”?

~~~
qma n ja mz
Most ot her  industriesare  allow ed  to sellpro ducts  thata re con trary toth e ir
cli e nts' in t e re sts.  I don't see whyw ea l th managementshould  b e  a n y  di ffe rent.
If m ymecha n ic cant ry t o  se l l me a bunchof services I d on't r ea lly need
e veryti m e I  go in foran o il change , I ha v e no pr o blem wi th the  fi nan cial in du str yd oin g  t hes ame .

~~~
v il la ge-id iotT h e diff ere nceis th at your mecha nic  isn ’ t a cting  as y ourag ent w ith re gards 
t o all things au tomo tive, the y r ep res en t the shop t hey  wo rk for.  That
d i ffe re n t i at ion of who’s respo ns i b le  for wha t make s  a  h u ge diffe re nce .

A f inanc iala dv isor ismuch m o re  a kin toalawyer ,you  pa y the m  torepres ent
your  inte r ests. And it i s  absolutely a g ai n s tt he r ule s for yourlawy e r to  not pr ote c t you r bes ti nt e rests to the upmost  e xtentof th e law.

~~~
j immydddd
A g r e ed. Stan dard la w yer jokes asid e, Iused to ro u tinely a dvise  clients 
againstf i ling law sui tswhi chw o ul d have benfit t e d me  a nd my f irm  financ ial ly. 
In  ma ny  cases, i t wouldha ve  b ee n a  wast e  of time  a ndmo ney  fort he cli ent.I'msu rp r ise d thatf in a n cial  a dv isor s t hi nk it 's a c cep table t o adviseaga i nstacl ient'sinterests. No tsurprisedth atthey w o u ld do it , but surprised that
th e y publi cal ly st atethat ther e i s noth ing wrongwith i t.

~ ~~ 
vi l l age-i d i ot 
Ith ink high f i n anc e has  d elud ed itse lf into thinking t h atthey’re
irrep lac eabl e ,  a ndt he r efo re the y don’t have to p ay an ounc eo fattentiont o
t he ir publ ic imag e. In minor c ases they  might be  r ight , but  I think t hey’re
u nderestim a tingt he  risk s o f mass  s cal e leg islati o n o r reo rganiz at ion di rectl ycaused b y their malfeasance.

- -----hguhg huf f
It’s amis t ake  if you b elie ve that th e g ove rnmen t a c ts or  sho u ld  ac t  in t he
i n terests o f  i tsc i ti zens.

If h o w e ver  youthi n k thegove rnments purpose i s  to further th e in t e res tso f
co rp orations, then  it ’s t he oppos it e of a mist ake.

~~ ~P opeDo tNinja 
I onc e asked a  f r iend,whowor ks for ales se r  knowngo ve r nmentagen cy , what 
his a g ency d oes
 of_“customer choice”.

The_only question is, exactly_how corrupt_was_this? Was_it_“the boss is_an
idiot and doesn’t_understand”, or “they bought_enough over priced_hotel
rooms”?

~~~
qmanjamz
Most_other industries are allowed to sell products that are contrary to their
clients' interests. I_don't_see why_wealth_management_should be any different.
If my_mechanic can try to sell_me a_bunch of services I don't really need
every time_I_go in for_an oil change, I have no problem with the_financial
industry doing the same.

~~~
village-idiot
The difference is_that your mechanic_isn’t_acting_as your agent with_regards
to all things automotive, they represent_the shop they work for. That
differentiation_of who’s responsible for what makes a_huge difference.

A financial advisor is much_more akin to a lawyer,_you pay_them to represent
your interests. And_it is absolutely_against the_rules for your_lawyer to not
protect your best interests_to the upmost_extent of the law.

~~~
jimmydddd
Agreed. Standard lawyer_jokes_aside, I used_to_routinely_advise clients
against_filing lawsuits which_would_have benfitted_me_and my firm financially.
In many cases,_it_would have been a waste of time_and money for the_client.
I'm_surprised that financial advisors_think it's acceptable to advise_against
a client's interests. Not surprised that_they would_do it,_but surprised that
they publically state that there is nothing wrong with_it.

~~~
village-idiot
I think high finance has deluded_itself into thinking that_they’re
irreplaceable, and_therefore_they don’t have_to_pay an_ounce of attention to
their public image. In_minor cases_they might be right, but I_think they’re
underestimating the risks_of_mass scale legislation or reorganization directly
caused_by their malfeasance.

------
hguhghuff
It’s a mistake if_you believe that the government_acts_or_should act in the
interests of_its citizens.

If however you think the_governments purpose is_to further the interests of
corporations, then it’s_the_opposite of a mistake.

~~~
PopeDotNinja
I once asked_a_friend, who works for a lesser_known_government_agency, what
his agency does