Ron A. Rhoades, JD, CFP® has a delightful column at RIABiz of a hypotehtical discussion between “Aunt Bea” and a “financial consultant” at a major wirehouse under SIFMA’s proposed “uniform fiduciary standard” entitled, “A conversation between a wirehouse advisor and a senior citizen who seeks trust.”

The entire dialog should make NAPFA fee-only fiduciaries smile. Here is a small part of Aunt Bea’s side of the conversation to whet your appetite:

Aunt Bea: I see. Well, I may be an old biddy, but it sounds to me like I can’t trust you AT ALL in a brokerage account, while with an investment advisory account I MIGHT be able to trust you some — but even then only if I keep my wits about me and read all those disclosures. If I can understand all of those disclosure documents, and all the complexities of the investment products you recommend, maybe then I can then protect my own interests.

Consumers need to know why they deserve a fiduciary standard of care.