Gary Allen on Business, Sunday, March 22, 2015 – Podcast Now Available

Fiduciary Wars, The Battle to Decide the Fate of Your Money

SharkThe average person cannot tell the significance or the difference between a broker, registered representative, insurance agent or investment adviser. Most people lump them all together and call them financial folks… on a good day! I have heard some other names as well but we will leave that for another day. However, from a legal perspective, there are some monumental differences no matter what you might believe. Part of the confusion is the advertising conducted by financial and insurance firms that sound so comforting. These firms will often use such terms as help, assist, advise and so on. It is very comforting that someone is here to take care of you. However, what they advertise and what they tell you verbally, in-person, is in many cases, far different from what the actual contract states.

Caveat emptor or let the buyer beware is something you should always have on your mind. When it comes to financial services, people can be very friendly and persuasive but take the time to read the bloody contract. Sales practices and legal practices are far different in the real world. I have seen many situations where people have relied on what they have been told, only to be disappointed by the reality of the contract. The fiduciary wars happening in Washington DC right now is a very hot battle going on to shape the future regulatory environment of financial services. In many ways it is a battle for the sole of the financial services industry. The outcome is uncertain at this point, but it does not change the reality of caveat emptor!

On the program this week I talk about:

Segment One – Obamacare and the tax credit problems

Segment Two – The fiduciary wars

Segment Three – The fiduciary wars continued

Segment Four – Insurance agents and products

Enjoy the program




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