That is one primary reason that all investors should have a “NAPFA-Registered Financial Advisor” and the confidence they are not being charged any hidden fees.
NAPFA has encouraged the adoption of a “fiduciary standard” which means the stockbroker must put the clients interest first . . . and not a free exotic vacation with their spouse, for example. The choice of a mutual fund should actually be based on the needs of the client. After years of lobbying, the Obama Administration ordered that all retirement accounts be managed according to a fiduciary standard beginning next January. Of course, stockbrokers are fighting mad!
But, the notion of a fiduciary standard has confused many investors. Leave it to a comedian to explain it in a way that is both funny and understandable. Unfortunately, the messenger can sometimes over-shadow the message, especially with coarse language. If such language offends you, please don’t click on this link for a 20-minute explanation: