The dark ages
Prior to the 1980’s, ‘financial planners’ consisted of stock brokers, insurance agents, and other salesmen who earned their living by selling products. Astonishingly, the industry is little changed. Commission-based products and behind-the-scenes sales charges dominate the industry.
These salesmen have goals that may not be aligned with yours because they make more money depending on the number or type of products they sell you, regardless of whether it was in your best interest. They are not held to a fiduciary standard….