(07-30-2019, 08:46 AM)Predator Wrote:

(07-29-2019, 10:10 PM)mikesez Wrote: The market offers more choices than just impersonal mutual funds or personal advisors that violated fiduciary rules.
There were also personal advisors that had been applying the fiduciary principle all along.  They just tend to deal with high end clients only.  There's less margin to be had when you can only give advice based on returns and not commissions, so you need the volume.
But maybe low end clients really are best off with just an impersonal mutual fund, than they are with someone skimming commissions and bank accounts off of their already undersized accounts.

I have no idea what point this rambling post is supposed to make. It's just obvious how little you actually know about the financial industry.

You and me both.  What exactly is an "impersonal" mutual fund?

I am by no means a professional investor, though I have done well managing my own money.  Could I have probably done more by hiring a professional adviser?  Probably absolutely.  The thing is, in my mind a financial adviser is going to work in their client's best interest as well as their own interest.  Better "rate of return for the client" = "better commission" for the professional (it's how they earn their living).  Also, if the adviser is doing a good job with their client's accounts their client(s) are more likely to recommend them (new business) to others.

It's called the free market (ie. Capitalism).

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