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A conversation between a wirehouse advisor and a senior citizen who seeks trust

Aunt Bea extracts the true meaning of the word 'fiduciary'

Tuesday, July 26, 2011 – 2:08 PM by Ron A. Rhoades
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Ron Rhoades channels his inner Chekhov to envision a scenario arising from a uniform fiduciary standard as per SIFMA's wishes.


David Merkel

David Merkel

July 26, 2011 — 3:09 PM

Cute. A pity that more clients are not semi-educated, like Aunt Bea. Thanks for writing this.

Frank G.

Frank G.

July 29, 2011 — 6:45 PM

7-29-11 Frank G.

Conflicts faced by wirehouse advisors are well exposed.

In the senario, the FC appears more forthright than the average FC might be and AB with much more savy than average retirees. Walkout is the only choice.

Eric Wagner

Eric Wagner

August 8, 2011 — 1:07 AM

Nicely handled. My favorite topic… here’s why:

The guy next door and I were party to a conversation recently between his wife, a (real estate) broker and my spouse, who is a priest. The broker said to my wife “What you & I do are so similar. We really help people, and make a huge difference in their lives.” Her husband turns to her and says “You aren’t the same at all. You sell real estate!” It was very quiet for a long time.

People need to buy stuff, they go to people who sell the stuff they need, and they understand the relationship. Most of us earn a living selling stuff. No big deal. As an advisor or broker, disclosing agency relationships is nothing more or less than telling the truth about what is being sold.

There are people who sell the peace that comes from “knowing” that grandma is in heaven, houses that fulfill needs, investments suitable for achieving goals, and financial advice that is solely in customers’ best interest. Salespeople with different career paths. If someone is embarrassed or afraid to honestly declare their profession, a career change might be in their best interest, as well as their clients’.

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