Phil Cannella Lawsuit Questions the Lack of Fiduciary Responsibility, Phil Cannella Lawsuit

Phil Cannella Lawsuit

Phil Cannella Lawsuit:
Phil Cannella is a man who stands for reason, a man who stands for fair justice, a man who stands for the American man and woman who wants to succeed in life. Phil Cannella chose to follow a career where he could exemplify these traits in every way possible. He chose to work as an insurance professional so that he could offer real financial solutions to those in and approaching retirement so that they can live out their years, their golden years, as they always wanted to.

To that end Phil Cannella recognized that advisors in the financial and insurance industry had to uphold a fiduciary responsibility and if they did so then they would be working in the best interest of their clients, but if they lacked a fiduciary responsibility then they could be hurting their clients. As Phil Cannella investigated the industry he came across more and more atrocities by advisors looking out for themselves over their clients and he came down hard on it calling out advisors who lacked the ethics and integrity that is demanded of them.

Phil Cannella Lawsuit:
Wielding the sword of truth, Phil Cannella has sought to reform the industry not only by demonstrating how one should conduct oneself, but also laying bare the violations being committed by others in the industry. He does this not to point out other’s shortcomings, but to help the American retiree so that he or she can have a financial professional to work with who has only their best interest in mind.

To that end, Phil Cannella explains what is meant by “fiduciary duty” which is well defined here: “A fiduciary duty is an obligation to act in the best interest of another party. For instance, a corporation’s board member has a fiduciary duty to the shareholders, a trustee has a fiduciary duty to the trust’s beneficiaries, and an attorney has a fiduciary duty to a client.”

Phil Cannella Lawsuit:
“A fiduciary obligation exists whenever the relationship with the client involves a special trust, confidence, and reliance on the fiduciary to exercise his discretion or expertise in acting for the client. The fiduciary must knowingly accept that trust and confidence to exercise his expertise and discretion to act on the client’s behalf.”

“When one person does agree to act for another in a fiduciary relationship, the law forbids the fiduciary from acting in any manner adverse or contrary to the interests of the client, or from acting for his own benefit in relation to the subject matter. The client is entitled to the best efforts of the fiduciary on his behalf and the fiduciary must exercise all of the skill, care and diligence at his disposal when acting on behalf of the client. A person acting in a fiduciary capacity is held to a high standard of honesty and full disclosure in regard to the client and must not obtain a personal benefit at the expense of the client.”

Phil Cannella Lawsuit:
It is unfortunate that the financial and insurance professions as a whole are regarded with a very low level of trust among consumers. Phil Cannella on the other hand, in the estimation of his clients, as evidenced by the many testimonials available, has demonstrated a true regard for the best interests of his clients. Not one of them has ever lost a penny of their principal regardless of the performance of the stock market during a crash. Most financial professionals cannot make any such claim.

Phil Cannella has long insisted that all financial professionals be held accountable for their performance. Just as most industries operate on results and the expectancy of results, so should all financial professionals. The days of consumers losing money on the markets while the financial advisor is making money off of their client’s loss have got to come to an end. This is one of Phil Cannella’s strong and fervent campaigns which has been making a noticeable change in the industry.

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