Three-Card Monetary Monte 0
We get a lot of mail inviting us the “free meals” to learn about “exciting investment opportunities” to provide “financial security.”
So does Tony Brown.
We always chuck the mail directly into the round file, but Brown decided to accept some of the invitations. He writes of them at the Minneapolis Star-Tribune. Here’s a snippet (emphasis added):
This issue — the financial-services business’s habit of exploiting rather then helping people who are preparing for retirement — is why the Obama administration in April enacted so-called “fiduciary” regulations for financial planners and advisers.
These rules will require the financial-services industry — for the first time — to conduct business “in the best interests of their clients.”
You thought that already was the obligation. It is not.