It is really quite simple. If your investment advisor is associated with a large institution/private bank, then his primary loyalty is to his employer. As a result it is not reasonable to expect full alignment of interest or full transparency from this type of “advisor”. In fact, too often, “investment advice” was led by short term corporate policy and/or profitability of the product provider rather than the underlying needs of the client.

    In other words, we believe that the integrity of investment advice provided to investors, in most cases, has proved to be compromised by an inherent misalignment of interest.

    Wall Street Journal
    June 22,2009

"It's only when the tide goes out that you learn who's been swimming naked.“
Warren Buffet.

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