Financial Advisor vs. Salesperson #doctor #money #wealth #personalfinance @MichaelKitces

You have to separate the financial salespeople from the folks who are actually in the business of financial advice. The product industry claims the titles before the actual people who are doing it realized that they probably needed to defend the titles. It would be like the pharma company drug reps all claiming that their pharmaceutical reps are doctors because doctor is not a regulated title. And then they sell drugs to consumers directly through their proprietary doctors, who, not surprisingly, only write scripts from their own company because they're actually drug pharma reps from the company, posing as doctors and wearing white lab coats, but having no actual medical degree, license, training, or education. That's basically where our profession is right now. This is actually an area where I think regulation has largely failed. Act as if every broker and insurance salesman is acting in their own interest, because they are. That's what salesmen do.