Morningstar’s Don Phillips recently wrote a one page piece that we absolutely had to share. He perfectly summarizes the growing shift in the investment industry which has begun focusing on the client’s interests rather than their own:

“Millions of investors have benefited from this development as financial services began to work for those who purchased them, as opposed to mostly enriching those who sold them.”

We’ve always believed doing the right thing for our clients was the only way to do business. Personal financial advice shouldn’t only focus on selling products with big profit margins. Advice on budgeting, emergency accounts, social security planning, account titling and beneficiaries have nothing to do with selling a product.

Every client and adviser should read this one to understand where the industry is (rightfully) headed:

https://www.morningstar.com/articles/914329/the-soft-side-of-planning.html