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June 1, 2010

All Business: Be tough with your financial adviser

  • Congress has a chance to fix conflicts of interest in the system as part of the financial overhaul, if lawmakers don't buckle under pressure from brokers and lobbyists.
  • By RACHEL BECK
    AP Business Writer

    NEW YORK — Your financial adviser might be acting like a doctor who prescribes certain medicine only because he's on a drug company's payroll and then neglects to tell you about it.

    Not all brokers who sell stocks, bonds, annuities and other investments are required to put their clients' interests first. They can steer you into mutual funds or college savings plans that pad their firms' profits or their own commissions, and you might never know.


     
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