Phil Cannella raises issues with securities
Phil Cannella – Phillip Cannella Media: Phil Cannella raises an issue with the securities industry which must sooner or later get tackled as it is one of the underlying reasons that the everyday investor gets taken advantage of. Phil Cannella points out that throughout industry as a whole, not just the financial services world, professionals are expected to provide a service they are paid to do. If the expected service is not performed or underperformed, the consumer either doesn’t pay or demands the matter be fixed.
Phil Cannella points out how brokers operate
Phil Cannella points out that this is not how securities brokers operate. That industry is allowed to get away with what almost any other professional cannot which is not getting a result. You see, Phil Cannella explains that securities brokers get paid a fee based on the amount of assets you have tied up in risk. This fee is exacted regardless of the performance of your portfolio. In your up years just as in your down years, your broker takes his share.
Phil Cannella disagrees with this because there is no accountability, there is no fiduciary responsibility because of that and Phil Cannella is not alone demanding reform.
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