The truth is, every day thousands of financial service professionals serve the best interests of tens of thousands of clients without relying on self-dealing transactions. (Photo: Shutterstock)
There's a reason why lawyers are not allowed to represent both the plaintiff and the defendant in the same trial: it's a blatant conflict of interest. There's a reason why doctors are not allowed to prescribe medicine from companies they receive money from… wait… no such blanket prohibition exists.
Surprise! Proponents of the fiduciary standard commonly cite the "Doctor/Drug Company Payback" as an apt metaphor. Unfortunately, this common-sense prohibition must fall under the category of "urban myth." The fact is, doctors regularly receive payments in the guise of speaking fees, board memberships, and holding stock in companies who manufacturer the drugs they prescribe.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
