Interesting. It hadn't occurred to me that the Fidelity financial advisor was "insurance rep", at least temporarily while talking to me about annuities, and then (perhaps) a fiduciary when talking to me about SMAsThe fiduciary term is meaningless to the sale of insurance products. I know from personal experience. If a fiduciary sells you a poor insurance product then finra will claim they have no jurisdiction over that. If you complain to the insurance commissioner they will say they aren’t bound to fiduciary but suitability rules which are pretty much anything goes. If you complain to whatever organization they belong to they will say the person was working under their insurance hat for that sell. Now that may have been an ok recommendation but it isn’t valuable to ask insurance agents if they are fiduciary.
Statistics: Posted by PerfectName — Sun Feb 11, 2024 4:05 pm