It Just Got Even Harder to Trust Financial Advisers


If you haven’t yet checked your adviser’s disciplinary record, you will after reading this.

There’s a phrase no one wants to read in a sweeping report about the financial advisers who handle their savings: economy-wide misconduct.

A new working paper by business school professors at the University of Chicago and University of Minnesota found that 7 percent of financial advisers have been disciplined for misconduct that ranges from putting clients in unsuitable investments to trading on client accounts without permission. That’s a troubling mark for an industry that relies on the trust of clients. And some large, well-regarded firms have misconduct records that far exceed the average. Nearly 20 percent of financial advisers at Oppenheimer & Co., with more than 2,000 advisers counted in the study, have misconduct records, according to the new paper…


It Just Got Even Harder to Trust Financial Advisers

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