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Friday, August 4, 2017
TD Ameritrade "therapist" commercials
If you watch any of the cable news shows you have undoubtedly seen the commercials for TD Ameritrade where the advisor talks about everything but your stock portfolio. He comes across as a therapist or close confidant. I think that is why he has a beard and a sweater. I almost wait for him to say "so how was your relationship with your parents."
If you wonder why these companies are taking this tack in their commercials you only have to understand that index fund investing is eating into the financial advisor investing business. Now that we know that advisors charging us substantial amounts for advice that can't beat index funds the financial advisor companies are having to give us another reason to have an advisor. Think of your financial advisor as a life coach.
The Obama Administration proposed a rule to require advisors to tell you if they are a fiduciary. Simply the "fiduciary rule" was a consumer protection rule that:
So it is not surprising that the pro business/anti consumer Trump Administration is trying to stop this rule from going into operation. I guess financial advisors winning is more important than consumers winning.
Posted by duanestclair at 4:46 AM