A new study by TD Waterhouse found that "88% of investors would not seek financial advice from a stockbroker if they knew stockbrokers were not required to act in the investor's best interest in all aspects of the financial relationship."

    It also found that "87% of investors would not seek advice from a stockbroker if they knew that stockbrokers were not required to discloses all conflicts of interest prior to providing financial advice."

    The study also found that "the majority of investors assume that brokers are in business to provide financial planning services, as opposed to primarily buying and selling investment products on behalf of their clients."

    This is an important topic today because there is a significant debate raging about whether stockbrokers should be allowed to offer fee-based (as opposed to commission-based) financial "advice" without providing the same investor protections RIAs do under the Investment Advisors Act of 1940.

 

    If you would like a copy of the complete study, please request it via the "Contact Us" link.  I will be happy to email you a copy.