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Advisors Should Be More Like Doctors

April 2, 2015 by Brendan Mullooly, CFP®

Tom and I have used a doctor-advisor analogy before to explain the confusing topic of dual-registration. We wondered how people would feel if they went to their doctor and were prescribed medication, only to find out afterwards that their doctor was also employed as a pharmaceutical sales rep who received a commission for selling said medication. We explained that this doesn’t happen because doctors are held to a certain standard. That type of behavior isn’t tolerated.

Today I read a great post from Cullen Roche of Orcam Financial. Cullen weighed in the uniform fiduciary standard debate that’s been receiving increased attention recently. His thoughts can be summarized in this sentence:

“Personally, I think we should start thinking of financial advisors as being something more like personal financial doctors.”

To that I say, amen. Cullen goes on to explain his reasoning for this stance, which I highly recommend checking out (link below).

Holding anyone who gives financial advice to a strict fiduciary duty is definitely an excellent idea. Unfortunately, that’s not how things are conducted at the present moment. Another proposed solution to this issue has been to clearly separate the brokerage and investment advisory industries. Not allowing the brokerage industry to create convoluted titles for themselves would be a step in the right direction. Depending on how you are registered, you would either be a broker or an investment advisor. No financial advisers, investment consultants, wealth managers, etc. The end goal would be to clearly define the lines so that the average person can tell whether they’re being pitched or given unbiased financial advice.

Source:

http://www.pragcap.com/should-we-treat-financial-advisors-more-like-doctors

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About Brendan Mullooly, CFP®

Brendan Mullooly is a CERTIFIED FINANCIAL PLANNER™professional with Mullooly Asset Management, Inc.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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