While wirehouse advisors may have every intention of acting as a fiduciary and making decisions with their clients’ best interests in mind, the very nature of working for a big brokerage firm often makes it impossible for them to do so.
The notion of what it takes for an advisor to serve as a “true” fiduciary is a topic I discussed with Mark Tibergien, CEO of BNY Mellon Pershing Advisor Solutions, on a recent podcast episode. Why do so many wirehouse advisors find themselves at a crossroads between acting in their clients’ best interests and serving at the behest of their firm—and what does this mean for the industry at large?
