July 28, 2010
I would like someone to tell me what "in the BEST interest of the client" means. Not suitable - BEST interest.
Does it mean lowest fees?
Does it mean the best TRAILING returns?
Does it mean the LOWEST risk?
Does it mean 'pay me $200/hr and I will tell you what to do at ETrade, Ameritrade, Scottrade, etc.'?
Are we going to apply the rule of hindsight to determine whether something WAS in the best interest of the client?
Will we have a list of "best interest investments" that we are to choose from?
Do we have to use only index funds?
I guess I would expect a LOT of guidelines and SPECIFIC lists of what IS in the best interest of the client.
Does the individual performance determine whether it was in the best interest of the client?