There’s a contention in the marketplace that fee only, non commission financial advisers have eliminated the conflict of interest they were subject to by taking a flat fee approach to assets and financial planning as well as billable hours for specific work required outside their normal fee schedule. For the most part this is the closest mindset to client centric asset management currently offered for investors. But keep in mind that some commission products can perform better than their fee-based counterparts, so it’s important to shop the market for the best deal. Putting the client first seems so elementary, almost adolescent in nature for a steward of someone else’s finances. There are rules that govern the client engagement practices and its compensation. But the department of Labor introduced new legislation that would tighten definitions and the rules of engagement to steer the industry towards a more client centric environment and subsequently weed out financial advisers and insurance agents who are not properly licensed or lack oversight. The industry feels the regulation is too heavy handed and consumers are unaware of its impact. There will always be bad financial advisers and insurance agents, who cause the government to enact laws to   Read more…