Economics
You Deserve a Better Financial Adviser
A lack of training and proper professional standards hurts the business.
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“Financial advisers are often perceived as dishonest, and consistently rank among the least trustworthy professionals.” So proclaims the Capital Ideas Blog of the University of Chicago’s Booth School of Business in a post about a new study that finds that 7 percent of advisers have been disciplined for misconduct.
My Bloomberg colleague Barry Ritholtz rightly calls this an astonishingly high number, but the business of financial advice suffers from an even more astonishing problem: Precious little is required to become a financial adviser.