The Loyal Opposition

[Happy Monkey]

Originally Posted by Undertoad

Financial planners are under-regulated? Here is a "problem" that ONLY affects the upper middle class.

Originally Posted by Investopedia

The definition has been expanded to include any professional making a recommendation or solicitation — and not simply giving ongoing advice. Previously, only advisors who were charging a fee for service (either hourly or as a percentage of account holdings) on retirement plans were considered fiduciaries.

Fiduciary is a much higher level of accountability than the suitability standard previously required of financial salespersons, such as brokers, planners and insurance agents, who work with retirement plans and accounts.

Maybe having a retirement account at all is what separates upper middle class from the rest, but this isn't just about people who have so much cash they go hire a financial planner.

Also, people on social security are often targeted by people or companies who want to manage their checks for them.