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0 pointsURSpider947y ago0 comments

Actually, in the USA, very few financial advisors have a fiduciary duty to their clients.

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jazzyk7y ago

All bigger institutions certainly do. I have worked for quite a few.

FireBeyond7y ago

And never mind those situations where GS etc were playing both sides, advising one side to buy, others to sell.

They knew through sheer logic that one of these positions was by deduction not tenable.

But they went for it anyway, collecting commissions on both sides.

icebraining7y ago

Supposedly, that's why they paid "largest penalty ever assessed against a financial services firm in the history of the S.E.C." ($550 million). Unfortunately, I find it hard to believe that's anywhere near enough to dissuade them from doing the same next time.

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