HighTower stages its first raid of Morgan Stanley Smith Barney's elite consulting unit

AZpro…I am eliminating the comment you left because it has more of an axe-to-grind flavor than an intellectual viewpoint.

Brooke

There will always be a conflict of providing fiduciary standards within a suitability environment. Hopefully this is a signal of more advisors seeking to level the playing field for their client…offering advice and services which are in the best interest of the client rather than the inevitable conflict of trying to serve two (at least) masters. I’ve always thought this business was about the asset owner and not the advisor…perhaps this gentleman feels the same way and time will tell if a Hightower or whoever is willing/ able to support a fiduciary approach.

John Smith,

You are absolutely correct. providing advice is all about the consumer as the consumer determines relevancy. The same reason why cients want their broker to act in their best intererst is why brokers can not compete. Boker dealerswill not acknowledge the broker renders advice or has a fiduciary duty to act in the best interest of the investing public Bcause by design the broker is not accountable nor has ongoing responsibility for their recommendations, the advisor can routinely do an asset/liability study on all a client’s holdings and find the prospective client’s portfolio has assumed twice the market risk for half the return, there is no rhyme or reason for individual holdings, there is no understanding of cost structure leading to the highest cost investment alternatives, the tax structure of the portfolio has crippled portfolio liquidity and investment performance. There are easily 20 or 30 ways an advisor can materially improve the prospective client’s well being.

Brokers of good conscience have begged their broker/dealer to support their fiduciary standing. Even an Act of Congress has not moved the broker/dealer. The only choice is to seek better support elsewhere.

This is a failure of industry leadership.

Very sad.

SCW

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