So many things to list… let’s start with the carried interest loophole, revolving door between Wall Street and Washington, DC that screws most Americans, predatory banking as a business model, runaway executive pay, executive pay divorced from performance, and general unchecked greed. Summarize to say Wall Street would shame Satan.
The complete conflict of interest that almost every financial advisor ( FAs) in their practice is a total disaster for clients. Except for FAs who operate explicitly under Fiduciary rules with a written commitment to always put the client’s interests first, almost all FAs receive compensation directly from the sale of their recommendations. You have no idea the impact this has on the entire culture at “broker dealers” like Merrill Lynch, Morgan Stanley, UBS and all of their smaller brethren as well. It’s entirely about the sales revenues generated from client portfolios. Use only a registered investment advisor who in writing pledges to always put your interests first.
So many things to list… let’s start with the carried interest loophole, revolving door between Wall Street and Washington, DC that screws most Americans, predatory banking as a business model, runaway executive pay, executive pay divorced from performance, and general unchecked greed. Summarize to say Wall Street would shame Satan.
The still prevailing ethos of “We’re Masters of the Universe doing God’s Work”
Insider trading.
The complete conflict of interest that almost every financial advisor ( FAs) in their practice is a total disaster for clients. Except for FAs who operate explicitly under Fiduciary rules with a written commitment to always put the client’s interests first, almost all FAs receive compensation directly from the sale of their recommendations. You have no idea the impact this has on the entire culture at “broker dealers” like Merrill Lynch, Morgan Stanley, UBS and all of their smaller brethren as well. It’s entirely about the sales revenues generated from client portfolios. Use only a registered investment advisor who in writing pledges to always put your interests first.
Ambiguity, disparity and hypocrisy. I find them all equally weighted and any investor can supply the proper comments for each.