March 30, 2012

Not All Investment Advisers Have Your Best Interests at Heart

Photo-Illustration by Alexander Ho for TIME; Getty Images

A new research study shows that financial advisors tend to give advice that pays them higher fees rather than higher returns for their clients. The researchers sent hundreds of fake clients to financial advisory firms, banks, and brokerages around Boston and found that many advisers actually steered their clients away from more productive investments to less productive ones that produced higher compensation for the advisor! 

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