Yes, it is true and here is why. 2018 Trust Survey

​
According to the 2018 survey by the Edelman Trust Barometer Research Team the financial services industry is among the least trusted. One of the main reasons is the confusion and complexity of who is a fiduciary and who is not. We are now approaching 2021 and the confusion and complexity continues.
 
The requirements for someone to call themselves a Financial Consultant, Financial Advisor and Financial Planner are low and confusing. When someone uses any of these titles, what do they disclose about their experience, education, training, support, conflicts and obligation to act only in your best interest.
 
Is it possible that the financial service and insurance industry is just that, a marketing group of licensed people with conflicts often built into their employment model. Confusion exists when marketing titles are used interchangeably and without accountability. These are some familiar marketing titles.
 
Consultant: Provides education & information.
Advisor: Provides investment advice.
Planner: Provides goal planning, goal setting & goal monitoring.
Insurance agent or broker: Provides risk management solutions
 
Is the insurance and financial services an industry or a profession? To me a profession has professionals to adhere to fiduciary guidelines. As in medicine, law and accounting, fiduciaries put the client’s interest unconditionally first. Due to the politics, lobbying and commission model, it is very difficult to identify who is and who is not a fiduciary. I suggest you research RIA’s, who are Registered Investment Advisors and are fiduciaries to learn more about this.
 
In conclusion, don’t depend on regulators and regulations to protect you. Knowledge, experience, ethics & integrity cannot be regulated. It’s your life, your money and your ultimate decision who you decide to trust.