Individuals trying to plan, save and invest for their futures are increasingly seeking out professional advice. Unfortunately, many are forced to search through over 200 financial services designations with wide-ranging educational standards, legal obligations to clients, and compensation arrangements just to find the right help.
A 2008 landmark study conducted by the RAND Corporation concluded that although retail investors felt they understood the difference in services offered by various financial industry representatives, in fact, most had no idea. Angela Hung, the study’s lead author, a RAND economist with a Ph.D. from Caltech, remarked that even she found it difficult to disentangle the titles, services and business relationships of most of the industry participants. It is no surprise, then, that the typical consumer finds it nearly impossible. Read more