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Many Brokers Offer Financial Advice They Shouldn't Give
We set out to see if brokers knew what advice they could give. Many failed the test.
 
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User Comments
Posted 10:40 AM EST March 22, 2007
Posted by: Smith+0928
I've been at it for going on 19 years with a CPA and CFP background. I've found highly qualified individuals every where I look in the industry. Likewise, I've found ego-driven commission maniacs every where I look. This is a people business and clients need to be careful with whom they entrust their assets. It does appear the fee-only model, though still a relatively small part of the over all market, is the most practical for higher net worth individuals.

Jeff S., CFP
Posted 1:46 PM EST March 19, 2007
Posted by: mclips12
I've been working in this industry for many years,researched the business models for the different financial services companies and I feel this article is nothing but dribble and rubbish.I believe they are on the right track regarding this project to learn about the investment advice given but have tons more work to do before they can claim which firms know about financial planning components and advice.

Mick T., CFP, CFA, MBA
Posted 2:04 PM EST March 13, 2007
Kodydogg SmartMoney Insiders
109 Comments
Thank God Smart Money has fired the first shot in bringing the financial services industry to task. Now if we just get them to shine the light on the conglomerates' practices of setting sales quotas of PROPRIETARY products in order for their reps to get benefits, like health insurance. The points in the side bar about vetting a financial advisor are great. Everyone should do their homework!

-Scott B. CFP
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