The New York Times Slams the Broker/Dealer Model

The New York Times says broker/dealers don't have to be honest, that the suitability rule isn't strong enough. And the Gray Lady says investors should seek out Certified Financial Planners and RIAs.

In a special wealth management section, the Times says: "Finding an adviser who already acts as a fiduciary — while not a fail-safe standard — offers better investor protection than the broker-dealer model.

Generally, most fee-only C.F.P.’s, C.F.A.’s, lawyers and accountants who do personal financial advising have a written standard of care that combines a code of ethics with extensive pro-client guidelines."