this post was submitted on 18 Jan 2025
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Oh dear lord. A fiduciary is a financial advisor. In fact it's the purpose of the Series 7 to make sure they're one and the same. Here's an article on it.
https://wealthadvisors.smartasset.com/fiduciary-costs-benefits-sem1/
Like I said, if you don't even understand what I'm saying, it's not a surprise you're as ignorant as you are.
*Edit: And just so you know, the reason I keep harping on the series 7 is because it forces financial advisors to be fiduciaries. It's the WHOLE POINT of the test. Good lord, how do people like you survive in this world?
*Edit 2: Man this comment. You really didn't know financial advisors have fiduciary responsibility? And yet you knew the word fiduciary? How? How do you exist?
*Edit 3: Wait wait wait, what do you think fiduciary means? I get the feeling you think it means something else.
Again, ignoring the actual arguments to pretend like I'm not making sense.
I'm laughing out loud at the irony of you talking about strawmen. You keep assuming we're gonna work in America, when I've explicitly stated hypotheticals in Europe. But someone might not have the understanding of European financial institutions, would they? And so they'd desperately cling on to the pretense that they hold some arcane secrets with their asinine avoidance of reality. What you're doing is equivocating. (I know you'll have to use a dictionary. :/)
You know exactly why that standardisation is happening. But you're pretending as if I should know the most recent developments in the US, when you don't even understand the very basics of European banking? Seems like a bit of a hypocritical strawman. ;DD
Clearly the point I'm making there is that just like chiropractors, "financial advisers" didn't used to have a fiduciary duty. They're fixing the problem I was talking about. Which you pervert into pretending like I have no idea what I'm talking about. It's utterly ridiculous.
This is my third language. What if I were to be as ethnocentric as you? Oh right, you would seize to have the ability to communicate with me due to you not speaking my language, but me being able to speak your language. Now when I was in business school like fucking 20 years ago, shit was kinda different. That doesn't matter though, as the basic argument you're making is ridiculous ESPECIALLY for someone who seems to (at least attempt to) work in the financial sector.
You're saying explicitly that it wouldn't be trivial for someone with a fiduciary duty towards you to make you 100k when you give them 100 mil to play with? Just how shit of a finance person are you if can't do 100k roi on 100 mil (and yes, of course everything has small risks, but again, aside from the entire world economy crashing)? :D
You're not making any sense. You said to seek out a fiduciary not an advisor. Now you're claiming that some time in the past, which would be distant past btw, that's when I should have seeked out a fiduciary? What you're saying makes no sense. Anyway, EU has the same fiduciary laws for institutional investors like financial advisors.
http://www.purposeofcorporation.org/fiduciary-duties.pdf
So, I don't know what you're on about.
Also, it doesn't matter HOW shit someone can be at their job the reality is it's easy to fuck it up. So, you just admitted it takes skill to be a financial advisor. Congrats you played yourself.
That's the link you just linked in your previous comment. Your link.
Hmm, what's that first sentence there? Didn't bother to get past the title, did you? :(
The Reg BI is from 2020.
So to you "relatively recently" actually means "the distant past"?
I wish you well in your studies, but you really are just sorely wrong about this, and now you're just having a tantrum and trying to assert knowing more, while actually linking evidence supporting how I'm in the right and how I understand that you need a financial advisor who has a fiduciary duty towards you — something which not all financial advisors had until five years ago. See in my language, you wouldn't even understand the words (and Google translate does not work well on Finnish.)
At no point has anyone made the argument that financial advisors don't need skill. But see they're financial ADVISORS, because they don't have the capital to invest.
You're explicitly saying that you couldn't make reliably make 100k roi on 100 million? Man, I hope you didn't pay for your schooling (here in the first world we have free education :P), because if you did, you really need to go and ask for your money back and spend it more wisely.
The money makes the money, as we live in a system of exploitation of labour. The megawealthy cumstains are also exploiting the work of the financial advisors, duh. The megawealthy cumstains still can make hundreds of thousands a year because CAPITAL MAKES CAPITAL.
Squirm all you want you're just utterly wrong and can't address the actual argument anymore so all you have is that childish and pretentious equivocating.