July 28, 2010
Any person that provides financial advise for pay, sells financial products for pay or commission, is qualified to provide financial advise even if not for pay, or supervises any person that provides financial advise for pay or not for pay must have a fiduciary responsibility to a client or anyone who is receiving the advise.
This is the only way the public has a chance of being protected from the unscrupulous or the uneducated or undereducated people that hold themselves out as financial advisors.
It is really that simple.