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The Ugly Truth a Letter to Policymakers

Today we sent letters to over a dozen federal policymakers including our local California representatives; Senator Barbara Boxer, Senator Dianne Feinstein and Congressman Brad Sherman. You can read the full letter here.

Letter to Senator BoxerAs a financial industry insider I can tell you that most of the large firms and banks do not put their clients best interest ahead of their own. The old “broker” business model is broken, yet it remains the primary way for financial advisors to be employed by a firm and work with clients. That’s because these institutions in concert with industry trade groups spend millions of dollars each year lobbying to maintain the status quo and the regulators are complicit. What’s more concerning are the firms and advisors that market themselves as a “fiduciary” but aren’t practicing as such. Bernie Madoff is a case in point and there are plenty more bad actors on the list.

We believe the conflicts of interest, proprietary products and sales tactics of these firms are questionable and should be scrutinized. Over the past few years firms like ours have pushed for the industry to adopt an overarching fiduciary standard and an efficient regulatory environment which isn’t policing it self. That’s why we made the decision to become a Registered Investment Adviser, it’s better for our clients, it’s better for the industry.

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About Stephen Rischall

Stephen is an award winning fiduciary financial advisor. He began learning to invest at the age of 13 and helped manage the University Corporation Student Investment Fund while studying finance in college. Stephen has been featured as the financial expert for millennials on live radio and in the news. He is an avid adventurer and is passionate about helping people make smarter financial decisions.
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