Beware of Porsche drivers wrote:
For those of you who might have missed it, on Saturday I posted a link to an article intended to educate people about financial planners. Here was Igy's response:
[quote]Ghost of Igloi wrote:
Sorry, as a Certified Financial Planner I am required to follow the DOL guidelines before they existed. So following the DOL for the past fourteen years.
In reply, I posted this quote from the article:
"Essentially, the firms are saying: Weâ€™ll act as fiduciaries when we have to, but weâ€™re not going to do it if we donâ€™t have to.
Other major players in the industry have taken different approaches to the DOL rule. For example, Morgan Stanley and Ameriprise both announced that they will continue to sell commission-based products in their IRAs â€” and they will force their clients to sign contracts exempting the firms from the obligation of meeting the fiduciary standard!"
Apparently this struck a nerve with Igy, a Morgan Stanley employee, as he quickly had it deleted. Based on this action and other recent posts, it's obvious that Igy is not a fan of the truth.[/quote]
Every industry has its bad apples. Just because Morgan Stanley investment advisors are bending the rules doesn't mean others are. There are many reputable firms and independent advisors out there.
Due your due diligence. A reputable advisor will be open and transparent, unlike the cover-up and deceptive practices we've seen here.