Why Fiduciary Standard is Meaningless

[Norwayguy]

I always laugh when people talk about how certain advisors are held to a higher standard. Just because they are held to a higher fiduciary standard does not mean that they do not still screw over thier clients.

http://www.fa-mag.com/news/former-napfa-chair-convicted-of--50-million-fraud-16018.html

 

[Larry Tew]

I can hear Bernie Madoff's clients crying right now.

"But... but... Bernie was a fiduciary..."

Rules DEFINE crime, not stop it.

 

[Cornelius]

He buys a million dollar home and a $800k boat? He must have known he was living on borrowed time.

 

[Norwayguy]

He buys a million dollar home and a $800k boat? He must have known he was living on borrowed time.

Yeah but he will probably end up in Club Fed.