When I graduated with my BA from college in Business Economics, I did what every person did in 1987: got a business entry desk job or a job in Wall Street.

Starting on Wall Street from 1992 to 1997, I learned the “hidden secret” about how some can make” a million dollars real quick! Stockbrokers got paid, not based on their advice and expertise, but on the product they sold for a commission. Now is that in someone’s best interest?

This was how Wall Street was born in the 1920s, but in the 1970s there was a “no commission” movement. No it wasn’t by the government, but by some of the reps themselves, and the places they worked for: Charles Schwab and Jack Bogle and The Vanguard Group.

The government eventually woke up and in 1997, changed the law, to allow for a “fiduciary rule” law to join the  best interest law. But does this really take care of the no conflict of interest question?

So called advisors in 1997, if registered by the government, had to be held to a stricter standard, to a no-conflict rule and not receive commissions. They had to be registered as a “fiduciary.” How would advisors then get paid: not by the product, but by their time. If you did not hold the standard of a “fiduciary” or an advisor, then you were deemed a “broker.”

And for 20 years, we have had in essence had two systems. Until now.

We thought former President Barack Obama started to lead the way a few years ago, when he favored the ” “fiduciary” approach and asked his agencies to put it into action. And they did, for retirement plans only.

And then, the big broker dealer, the big banks, and big insurance companies came to Washington and wanted the rule to go back to the way it was. So they took the Obama rule to court and won. Their argument: The law did not provide enough of a choice for consumers!

Yes folks, let me tell you right now: the language is going to get real muddy on this one. The big banks believed (and proved in court) that favoring “fee only” accounts over “commission related” accounts stifled investment choice and decision.

Yeah, I know. And some people I guess like mayonnaise on their hot dog.

But I guess one of those people is the Trump Administration. The government has just approved a new “best interest” standard that basically brings us back in time to 1997- two decades, 22 years. Where we have, again, two different kinds of financial professionals & financial organizations:

Bank, brokerages, insurance companies, etc. will continue to offer their services and products, based on performance and commission and best interest of choice

Advisory firms will continue to offer their firms and services, based and paid for and by advice, for the best interest of choice.

But at least they have a cute kicker in the law: with brokers and affiliates, consumers must now sign disclosure statements to at least show transparency if their are any potential conflicts (get ready for more paperwork)

So now you have a choice. On Fordham Road, here in The Bronx, you can play a card game, win money and have 3 choices: It’s called 3 card Monte!!! Not familiar with it? Ask your local police officer. It’s the easiest and oldest  conjob going.

In our opinion! Protect your financial goals! Your life! Your Money! Your family! You have a choice, make a good one! Hire a fiduciary

Professor Anthony Rivieccio, MBA PFA is the founder and CEO of The Financial Advisors Group, celebrating its 20th year as a fee-only financial planning firm specializing in solving one’s financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News, thisisthebronx.com and The Bronx Chronicle. Mr. Rivieccio is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. For financial assistance, Anthony can be reached at (347) 575-5045.  Feel free to visit their FACEBOOK Business page for past Financial Focus articles:  www.facebook.com/iwantmytaxmoney