Most investors don’t know what the “fiduciary standard” means. In short, it means the adviser is looking out for the best interest of its clients at all times and will/must disclose any conflicts of interest that arise from the adviser’s business dealings. As a registered investment adviser Bear Mountain Capital is subject to this “fiduciary standard”. However, the main wire-house firms (Morgan Stanley, UBS, Merrill/BofA, etc.) are not… nor are insurance companies. This is a tremendous disservice to the clients they attempt to serve.
Below is a link to an article discussing the current reform that just passed and the efforts to push broker-dealers/wire-house firms and insurance companies under the same standard: