Phil Cannella Lawsuit, Phil Cannella Spearheads Industry Reform, Phil Cannella Lawsuit

Phil Cannella Lawsuit

Phil Cannella Lawsuit:
Phil Cannella, as a leading insurance and financial professional for almost 40 years, is at the vanguard of a movement to reform the financial services industry. He is leading the charge to bring about real fiduciary responsibility amongst insurance agents and financial advisors so that the American retiree, the American senior can get the real and true financial help they deserve.

The problem as he sees it is that too many financial professionals are not acting in the best interest of their clients because the best interests of the client don’t always align with the best interests of the advisor’s own pocketbook. All of this boils down to what is meant by the word “fiduciary” and how it relates to this industry, which when looking at the definition is very, very apt.

Phil Cannella Lawsuit:
The meaning of fiduciary is: “An individual in whom another has placed the utmost trust and confidence to manage and protect property or money. The relationship wherein one person has an obligation to act for another’s benefit.”

“A fiduciary relationship encompasses the idea of faith and confidence and is generally established only when the confidence given by one person is actually accepted by the other person. Mere respect for another individual’s judgment or general trust in his or her character is ordinarily insufficient for the creation of a fiduciary relationship. The duties of a fiduciary include loyalty and reasonable care of the assets within custody. All of the fiduciary’s actions are performed for the advantage of the beneficiary.”

Phil Cannella Lawsuit:
Phil Cannella upholds this very definition in all of his dealings with his clients as he works with seniors day in and day out to protect their own interests. He will select a financial vehicle that makes sense for the client and not his own pocket. This is very different to many advisors who look out for themselves and may choose a product or vehicle with a higher commission pay-out over one which is right for the client.

Phil Cannella points out that this is one of the things that is inherently wrong with many brokers who lack any fiduciary duty altogether and is one of the reasons the financial professional is often held in pure repute. If one is going to operate in business in this field it requires a strong and clean heart and to deal at a level of truth.

Phil Cannella Lawsuit:
A “fiduciary” is further clarified here: “From the Latin fiducia, meaning “trust,” a person (or a business like a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty. The most common is a trustee of a trust, but fiduciaries can include business advisers, attorneys, guardians, administrators of estates, real estate agents, bankers, stock brokers, title companies, or anyone who undertakes to assist someone who places complete confidence and trust in that person or company. Characteristically, the fiduciary has greater knowledge and expertise about the matters being handled. A fiduciary is held to a standard of conduct and trust above that of a stranger or of a casual business person. He/she/it must avoid “self-dealing” or “conflicts of interests” in which the potential benefit to the fiduciary is in conflict with what is best for the person who trusts him/her/it. For example, a stockbroker must consider the best investment for the client, and not buy or sell on the basis of what brings him/her the highest commission. While a fiduciary and the beneficiary may join together in a business venture or a purchase of property, the best interest of the beneficiary must be primary, and absolute candor is required of the fiduciary.”

It goes without saying that Phil Cannella’s concerns for the American retiree is that he or she is working with a financial professional who is going to uphold this definition of fiduciary and act as one at all times. As for Phil himself, he demonstrates his fiduciary duty in the most exemplary fashion in the way he looks out for seniors all the way through his Crash Proof Retirement™ process. He begins this with an education which he delivers in a classroom session scenario and continues it on a one on one basis so that the consumer can make intelligent and well informed decisions for himself. It is not a sales process, it is an educational process that he engages in.

Phil Cannella Lawsuit:
Phil Cannella continues to strive for reform in the financial and insurance industries so that trust by consumers with these professions is regained and so that everyday investors can feel confident they are making the right decisions with their finances.

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