Wall Street spends millions of dollars per year fighting disclosure for the credentials, ethics, and business practices of financial advisors. These are the same firms that tell you they believe in full transparency so investors have the information they need to select high quality advisors.
What are they hiding? They have a lot to hide. For example, financial services is a high turnover industry so there are thousands of inexperienced advisors selling investment products. Thousands or additional advisors have numerous client complaints on their records, but they stay employed because they produce substantial revenues for their employers. If investors had this information they would not buy from these companies’ advisors.
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