This is a fantastic piece of journalism from a local reporter at the Star Tribune that's making its way around financial circles. The article dives deep into a little-known secret of the financial services industry which reveals its conflicted, sales-driven motives. I have no doubt that this problem will go away once consumer awareness reaches the tipping point, but we’re a long way from that.
Most of the industry continues to operate under a model where the advisor is not required by law to act in the client’s best interest.
As a consumer, you have a choice in who you work with: demand to work with a fiduciary. Pay your advisor to act in your best interest, not to sell you stuff.