fiduciary / financial advice / financial adviser / financial advisors

Maybe your financial "adviser" has been taking advantage of you

“The Securities and Exchange Commission’s program to persuade investment firms to self-report conflicts of interest has led to a settlement under which 79 firms return $125 million in fees to clients. The firms placed clients in share classes with expenses higher than those in other share classes available without disclosing that fact.” (Retirement Security SmartBrief)
“Advisers to Repay Fund Investors” by Dave Michaels in The Wall Street Journal (3/12/19) states that 79 investment advisory firms have agreed to pay $125 million to clients thwo were over charged for their investments.
If you are not familiar with the term “fiduciary” then it’s time to search this blog and educate yourself.
These “advisers” sold high cost mutual funds to their clients in order to boost their own earnings or qualify them for earning prizes like vehicles and trips. These practices have been around for as long as the industry has been selling financial products. Equally suitable lower cost funds were available for these clients who ended up earning less on their investments due to the difference in fund costs.
Top of the list is Wells Fargo, the “king” of egregious consumer practices. Why does anyone still do business with Wells Fargo? Deutsche Bank is also involved in this settlement.
Source: Financial Planning for Women