As I’m sure you know, President Trump signed an executive order on Friday that halted enforcement of the Dodd-Frank fiduciary rule requiring financial advisors to put their clients’ best interests before their own.
This reminded me of when I used to travel all over the country to teach trading seminars. And in every one, my students would tell me all the horror stories their financial advisors would share with them to convince them to stay away from the most potentially lucrative trades in the market.
But keep in mind… there are the advisors who already act in a fiduciary capacity by keeping your best interests at heart, and then there are the “wolves of Wall Street” who only care about draining your bank account to fatten their own wallets.
The latter is who my students were referring to – and who I want to talk to you about today. These “advisors” only act in their own interests and have cost Americans $17 billion per year in retirement savings due to bad financial advice. And in a survey conducted by the Financial Planning Association, most of these advisors confessed to knowing very little about investing… beyond reading investment sheets.
Because of them, investors are being lied to about the easiest – and fastest – way to capture thousands in profits every single week.