….In an industry where members often talk of acting as fiduciary in the best interest of their clients, most investors still believe that their advisors fail to fully disclose conflict of interest and the fees they charge a new survey by the CFA Institute finds.
In many ways, the mistrust expressed in the CFA poll stems from the increasingly elaborate compensation models and business structures in the industry. Likewise, a fractured regulatory environment has also left average investors with little hope of discerning the true nature of the advisory practice where they have entrusted their money, says Chris Cannon, principal and chief investment officer at FirsTrust, a fee-only advisory practice headquartered in Daytona Beach, Florida………