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Originally Posted by Undertoad
Financial planners are under-regulated? Here is a "problem" that ONLY affects the upper middle class.
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Quote:
Originally Posted by Investopedia
The definition has been expanded to include any professional making a recommendation or solicitation — and not simply giving ongoing advice. Previously, only advisors who were charging a fee for service (either hourly or as a percentage of account holdings) on retirement plans were considered fiduciaries.
Fiduciary is a much higher level of accountability than the suitability standard previously required of financial salespersons, such as brokers, planners and insurance agents, who work with retirement plans and accounts.
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Maybe having a retirement account at all is what separates upper middle class from the rest, but this isn't just about people who have so much cash they go hire a financial planner.
Also, people on social security are often targeted by people or companies who want to manage their checks for them.