Professor Ron Rhoades, my esteemed colleague (he’s esteemed, I’m certainly not) at Garrett Investment Advisors, has written prolifically about the need for a true (Bona Fide) Fiduciary Standard for investment advisers. His efforts and those of many others are starting to move the needle.
“As long as they don’t run away with our money or invest it in a Ponzi scheme, they have little in the way of accountability to us when something goes wrong. And even then it can be hard to fight back.”
“Advisers who get paid for the products they sell tend to harm their clients’ “
It was a huge relief to find many kindred spirits in the experienced professionals of Garrett Planning Network and NAPFA who are more focused on doing good, than just doing well. They are my forerunners in fee only financial planning.