Bernard Madoff

How to Vet That Investment Adviser

The Securities and Exchange Commission is taking its own sweet time coming up with a rule that would make all investment advisers put their clients' interest first.

Almost a year and a half after saying it was going to pursue this so-called "fiduciary standard," the agency seems stuck. That's because it is trying to contort the standard in such a way that brokers who are paid commissions to sell products could fit under that definition.For many individual investors seeking guidance, that defies logic. How can an adviser put my needs first, if he is paid to sell only one shelf-full of products? And paid more to sell some than others?It's no wonder that the financial services industry remains among the least trusted the United States, according to an annual survey by public relations firm Edelman. Fewer than half of consumers said they trusted financial services firms, and more than half of them said they think financial companies need more government regulation.In the meantime, the finan...

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