Regularly I am told that “my broker is doing her best for me”. That’s akin to saying, “The guy who sold me my car got me the best deal possible.”
Brokers, like all salespeople, do not put our best interests first, and neither should they. That’s not part of their job responsibilities.
Teresa Ghilarducci, an expert in retirement security at the New School for Social Research, and author of “Rescuing Retirement” put it best when she said, “A broker gets paid to funnel your money to the products that may be the most profitable for him and/or his company.” Mind you, I’m not suggesting for a moment that brokers and other salespeople are bad or dishonest. They’re not. They have no fiduciary responsibility. They’re simply doing their job which is to secure our business and maximize the profits for their employer. Period.
In fact, whenever an attempt is made to force brokers to put our best interests at heart, Wall Street musters all its forces, i.e., lawyers, to assure such a thing never happens. Think I’m exaggerating? Take a few moments to read the article, Wall Street Fights Against N.J. Fiduciary Rule, by Tracy Longo, and you’ll quickly realize that I am not.
Then, if you decide its time for you to partner with someone who does put your interests first, visit our website to learn how we do just that.