“I Sell Investments. May I Help You?”

'Clueless' investors think brokers are fiduciaries, survey says.

Well, of course. Those clueless investors have never met a "broker." All they encounter at wire-house offices are "financial advisers."

See the comment from CA Adviser appended to the above article. I tend to agree. The effort to turn brokers into fiduciaries is probably misguided:

[T]hey should focus on real reform. Stop the obfuscation, stop the total lack of disclosure, stop the misleading titles given to sales personnel….

There is nothing wrong with being a salesman, it's just time to call salesmen, "salesmen" again, that's all.

Related post: Dogs and Cats, Fiduciaries and Brokers.