There's a connection between recent battles over retirement advice and broker fees.
Do lower-income Americans really need expensive professional advice from financial-services companies or real estate brokers? And would they suffer in its absence?A lot of the opposition comes in the form of stultifying legal claims about jurisdictional authority. But a surprisingly common backup line of argument asserts that lower-income Americans and/or people of color will suffer special harm from any crackdown on fees.
Far from seeing their fees competed down toward zero, they tend to portray themselves as providing a vital service to a grateful population, and gain pricing power by dint of their perceived necessity.need to have your financial best interests at heart, your IRA adviser doesn't — opening up savers to the risk of unnecessarily high fees.
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