Desperately Seeking Employment (2)

Financial ConsultantI worked for Allstate Insurance Company for 21 years in the computer systems support area as a Service Engineer supporting CICS and WebSphere MQSeries. I believe that, over time, consumers will migrate to professional financial and investment advisers that eschew conflicts of interest, whenever possible, and that the media will continue to play an important role in directing consumers to the organizations listed above. I believe that the application of a bona fide fiduciary standard to personalized investment advice, in this ever-more complex financial world, is inevitable.

I believe that capital accumulation is thwarted by our current conflict-ridden financial services system, in which there exist a huge extraction of rents by Wall Street firms, insurance companies, and some others. The views expressed herein are his own, and are not necessarily representative of those institutions, organizations and firms of which he is a member. In which we practice with high degrees of skill, with singular devotion and determination to assisting our clients to attain their lifetime financial goals. When I do my analysis, and reveal these fees and costs to the clients of these financial advisors,” these individual investors often get very angry.Financial Consultant

And, the organization must have as it members individuals (who are more likely to keep professional standards at high levels), not firms (who tend to promote their commercial interests). One can only conclude that clients of financial and investment advisers are much more like clients of attorneys, and not at all like partners entering into a partnership agreement (who presumably have fairly equal knowledge and expertise). Several recent cases illustrate that American business often suffers, while Wall Street firms and insurance companies escape liability. The body of knowledge required of a financial planner is both broad and relatively deep.

Clients of investment advisers simply lack the knowledge of the financial markets that financial advisors do. And clients are not likely to gain such knowledge without a very substantial investment of time and effort, and even then many clients won’t possess the aptitude for matters of finance. In essence, these financial services firms do not want to be held to account for the advice they provide.

To correct this unfair treatment, in which plan participants are harmed, employers (plan sponsors) are often liable, but the real experts (financial services firms) escape liability, the U.S. Department of Labor has proposed to greatly expand the definition of fiduciary” with its new Conflict of Interest” proposed regulation. Ron currently serves a select number of clients as their investment adviser and financial planner.

Financial Consultant