Outgoing Bush Administration Seeks to Loosen Investment Adviser Regs
Another reason why CPAs make the best personal financial advisers.
The Bush administration is rushing to pass a regulation that would relax the rules on when investment advisers can recommend products sold by their own companies, despite protests from consumer groups who say the changes could put retirement savings at risk.
Continued here: Midnight Reg Watch: More Conflicts for Investment Advisers – ProPublica.
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http://thoughts.tomgroth.com
Wow. Anything to help out the banks and good old King Profit. In time, they’ll have tellers signing people up for mutual funds, or routing them to a computer where they can chat with a sales rep from India who walks them through the process.
and don’t worry, the big banks will program their employees to say the right things to push these products and services, and the employees will re-enforce this training by “coaching” each other.
We need to somehow educate people on financial matters so that they can look out for themselves. But we also need some serious regulation concerning leverage.