August 22, 2010
The situation that needs to be corrected -- Most people simply do not realize that many financial professionals that provide them with advice do not adhere to a code of conduct requiring that the advice to be in the best interest of the recipient. The advice only has to be "suitable." In my volunteer work, Ive seen examples where people have suffered terribly from such advice.
Solution -- simply require that broker-dealers and others who provide financial advice adhere to the requirement that the advice be in the recipients best interest (fiduciary responsibility).