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Jane Q. Investor Testifies, and with Good Reason: 'I Am Angry. I Feel Betrayed.'
Ron A. Rhoades, JD, CFP Link to more items from this source
[Opinion]
July 9, 2013
"I was able to discern that [she] was being harmed, by a high level of fees and costs, a questionable asset allocation, and a somewhat tax inefficient portfolio. And, while the precise amount of additional compensation paid to the dual registrant firm and its 'wealth managers' will likely never be known, it is certain that insidious conflicts of interest were present -- which no doubt affected the quality of the 'advice' being provided.... [I]s this what the fiduciary standard has come to? ... Why do firms rely upon complex written disclosures ... when we have substantial academic evidence that investors don't read the disclosures ...? Even those that try to read disclosure statements ... rarely understand them[.]"

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