Financial advisers vs sales people


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Should brokers generally be fiduciaries for their customers? No, of course not, that would be stupid. A broker’s job is to buy a bond from one customer and sell it to another. If the broker has to promise both customers that she is giving them undivided loyalty and the best possible advice, how can she broker that trade? A broker’s job is not to act in each customer’s best interests, or to represent that every transaction will work out well for every customer. A broker’s job is to honestly intermediate transactions.

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