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…According to Barron’s magazine, some $17 billion is lost in retirement savings every year simply because of dishonest financial advisors steer their clients toward investments that meet general suitability requirements but aren’t in the best interests of their client base.
Why? These investments pad the advisor’s pocket with fat commissions.
So now more than every – in the absense of an official fiduciary rule requiring advisors to put their clients’ interest above their own – you have to be sure your advisor clearly discloses any conflicts of interest upfront before you agree to do business with them.