Question : Do you know what a broker is? or what a registed Investment adviser is?
just answer yes or no, and give your 2 cents. I asked a question earlier and received an answer from a user named annie. She told me that my profession was a fraud, and she could prove it. She has a link to a bankrate.com article. What Annie does not realize, and that prompted this question of my own. Is that there are major differences between “Brokers” and “Registered Investment Advisers”
The latter , is held to a legal responsibility to provide service that is in the clients best interests. That means I have a fiduciary duty to my clients, that is legally binding. . .
Brokers…are connectors of people and product. they do not provide planning… they do not provide a written plan with instructions. . at the top of your statement if your account is a “Brokerage Acct” you have a broker…not an “advisory acct”
this is a huge misnomer…brokers advertise they provide planning, but they do in fact…not. http://www.financial-planning.com/pubs/fp/20060501011.html
false fiduciary
Annie… You cannot have filed for bankruptcy and be an IAR. Which means to me that you do not know much of what you have said. not really surprising, but I can’t help myself in responding.

I am in the business, and you must be a broker…A timeless relic who likes to preach about buying and ignoring, or is it buying and holding…doesn’t matter does it. Nope…I wish I was a broker…so i could peddle out whatever my company emailed me to sell today…”hi Mrs jones…you need to take advantage of this new law…buy XXX.” if your not a broker…then I am not real sure what your talking about because your wholly incorrect. I have the highest level of accredited title within the industry…if your not a complete moron you’ll know what that is. i can’t help but get defensive when people are led astray by self proclaimed professionals. yeah there are bad advisers, I know some, but there is far more ignorance spewed from people who know how to use Google and Wikipedia.
registered investment advisor

Best answer:

Answer by Annie
ROFL!! I’m outing you.

Per Rick Ferri, CFA: “I am a Registered Investment Adviser (RIA) with the Securities and Exchange Commission. Are you impressed? Don’t be. Just
about anyone can become an investment adviser. Simply send in a form to the state or federal government with a modest filing
fee, and you can join the club. You don’t need an MBA or a college diploma to apply. Heck, you could have flunked out of the
third grade, gone bankrupt seven times, lost everything you ever owned to a Ponzi scheme, and still make a great living managing
other people’s money.
In this surreal world of investment advice anyone can claim to be an expert and get paid for it. This is why most stockbrokers,
financial planners, and insurance agents are in the business, and why accountants, attorneys, and bankers want in as well. The
problem is, most investment advisers are borderline incompetent. Thousands of them lack the basic investment skills and
knowledge of a first-year business student.”

Let me tell you something else…’fiduciary responsibility’ means always doing what is in the clients best interest…UNLESS YOU TELL HIM IN THE SMALL PRINT THAT NO ONE READS ABOUT ALL YOUR CONFLICTS OF INTEREST WITH THAT CLIENT.

Your whole ‘fiduciary’ BS is just that…marketing BS.

Addition:
You said: ” You cannot have filed for bankruptcy and be an IAR. Which means to me that you do not know much of what you have said. ”

I didn’t say that, a CFA/RIA/investment author (Rick Ferri…look him up on Amazon) said that. Prove him wrong.

“I am in the business, and you must be a broker”

I certainly am not.

I think you had better take a look at this:

http://www.nizkor.org/features/fallacies/ad-hominem.html

I have given you quite a bit of evidence proving that ‘financial advisors’ hurt their clients. Instead of attacking me, try looking at the evidence I have given you. The study is quite interesting. Read what Warren Buffett says about how financial advice is sucking the lifeblood out of nesteggs.

Oh, and quit trolling for clients here.