“If you’re trusting someone with your financial decisions, they should have your best interest first.”
1080 Financial Group was interviewed by Jim Puzzanghera, an award winning business journalist for his coverage of the financial crisis in the Los Angeles Times. In April, the Department of Labor proposed a fiduciary rule that would require anyone providing investment advice to retirement accounts to act in the best interest of the client.
Since the financial crisis, similar fiduciary rules have been proposed, but all have been met with considerable opposition from large industry groups and Wall Street firms. Most investors assume their financial advisor always has their best interest first, but the truth is most advisors aren’t legally obligated to act that way.
A Registered Investment Adviser, is a specific type of financial advisor that has a fiduciary obligation to act in the best interest of their clients and to avoid conflicts of interest. While they only make up a small percentage of the financial services industry, they are growing and have a major impact as more consumers demand transparency.
Read a copy of the full article below from the cover of the Los Angeles Times business section on Monday May 9, 2016.