Imagine if everyone in the world had a fiduciary duty to act in your best interest

We get cheated a little bit every day. Sometimes we get outright screwed.

It’s not completely our fault, however: The people peddling us goods and services just know more about their products than we do. Yes, we can reduce this information asymmetry to some extent by studying up or even Googling for advice, but ultimately the consumer is almost universally at a disadvantage.

This knowledge gap is particularly troubling in financial services, due to the complexities of the transactions, the sums of money involved, and the disastrous consequences of screwing up our retirement planning. That was the idea behind the fiduciary rule requiring financial advisers to act only in the best interests of their clients.

>>> Original Source <<<