Be careful where you get your advice.
Would you be surprised to hear that retail financial advisors often recommend the portfolio that makes the most money for them, not their customers, even if their recommendations result in less money for their clients or make their client’s current situation worse? That’s the damning conclusion of a recent working paper published by the National Bureau of Economic Research (NBER), reporting on an audit conducted by the Consumer Financial Protection Bureau (CFPB) of the quality of financial advice.
Comments