My Comments: This article is from someone who writes extensively about the financial world, in which I live every day. It comes from Bob Clark, ThinkAdvisor Editor-at-Large Investment Advisor Magazine.

Whenever those in charge, be they politicians or corporate CEO’s, refuse to accept facts that tend to refute the status quo, it usually pays to look below the surface, to determine if the decisions they make are in your best interest. No one in my family is a football player. But if I feel strongly enough about this, I can vote with my wallet by refusing to watch football played on TV.

For some of us, the idea of global warming, whether it’s man made or a natural outcome, is undeniable. Regarless of the cause, there are remedies we can take as a society that may, just may, limit the damage. But if you are someone in charge who refuses to accept the obvious, and your actions, or inactions, impact my life and the lives of my children and grandchildren, then I’m going to call you to account.

Here’s a key paragraph from Mr. Clarks article: “I’m really not trying to cast aspersions here. In fairness, the brokerage industry grew up in a world where most clients were wealthy, and therefore at least presumed to be financially sophisticated, and investments were largely straightforward. (Not unlike football when they wore leather helmets, and before steroids.) But the world has changed since then, for both football and investing. Today, most investors are middle-class and financially unsophisticated—and therefore in need of professionals who are on their side of the table, to help them manage their finances.”

His point is that as NFL Football has denied for many years that repeated concussions impact the future health of its players, in the certain knowledge that it did, so too has the securities industry failed as it evolved. Some of us today, who recall the days and the might of Merrill Lynch, perhaps also recall the adage that the objective of stock brokers there was to first make sure ML made money, and if the client did also, that was an incidental benefit.

There’s a lot at work here, including the efforts by the brokerage industry to pressure politicians and regulators to avoid being held to fiduciary standards. The brokerage industry and other manufacturers of financial products are saying they should have a free hand to do things that are not in the best interest of their clients, and should not be held accountable. Their point is that the public will vote with their wallet. Unfortunately, by the time that happens, many will be damaged, and unjustified profits will flow to Wall Street. In my opinion, that just won’t wash.

Read the whole article HERE.