Do you think that brokers and insurance agents are required to put your interests first? Um, sorry, but no...

According to a recent survey, 

Many investors are confused about which financial professionals are now held to a fiduciary standard, the survey also found. Three out of five investors surveyed mistakenly believe that insurance agents have a fiduciary duty and two out of three believe that stock brokers are held to that standard, the poll found. In addition, 75% of respondents indicated they believe the fiduciary standard applies to financial planners, and 77% indicated they believe it applies to investment advisers.

Yet,

Of survey respondents, 91% indicated they believe that a stock broker and an investment adviser who provide the same kind of investment-advisory services should have to follow the same investor-protection rules.

Almost all respondents--97%--indicated that a professional who provides investment advice "should put your interests ahead of theirs and should have to tell you up-front about any fees or commissions they earn and any conflicts of interest that potentially could influence that advice."

In addition, 96% of respondents agreed that the fiduciary requirement should extend to insurance agents who sell investment products.

Despite this (because of this?), the brokerage and insurance industry lobbyists are fighting the "fiduciary standard" harder than ever.

So, don't fight city hall.  Leave.  Refuse to work with any financial firm or individual that isn't required by law to put your interests first.  It's a short list.  I am accepting new clients.

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