Why the Annuity Industry Needs a Fiduciary Standard
December 19, 2023 by David Lau
For at least the past three decades, the financial services industry has been steadily, even aggressively, moving toward low-cost products with transparent pricing and no sales loads. During that time, financial advisors have migrated en masse from largely commission-based compensation to fee-based or fee-only compensation.
The transition from commissions to fees changes a financial professional from being a salesperson for a product manufacturer to a financial advisor being paid for advice. All of these things are nearly universally regarded as a very positive evolution for individual investors.
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