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Advisor Title Can Be Deceptive: Report
A study of 25 brokers and insurance companies has concluded that the use of the title 'financial advisor' is frequently used for individuals who sell products rather than focus on clients’ best interest. That's despite the fact that the firms may tout offering financial planning services. So reports CNBC.
Firms believe that by portraying their sales teams as fiduciary advisors they can increase sales, says Barbara Roper, director of investor protection at the Consumer Federation of America, which conducted the study.
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