Brokers as Butchers?

Have you seen this yet?

HighTower Advisors CEO Elliot Weissbluth’s recent two-and-a-half minute whiteboard animation calling brokers “butchers” and fiduciaries “dietitians” is drawing a lot of attention. Especially considering it was produced less than a week after a Goldman Sachs’ employee publicly resigned from the firm.

In the video released March 16th, Weissbluth states the distinction between a broker and a fiduciary can be summed up as: “Brokers are butchers selling products; fiduciaries are dietitians looking after your health. The problem is that most people think that their butcher is a dietitian.”

He goes on to say the “old school butcher” would never tell a client that eating too much meat is bad for their cholesterol level, and instead refer the client to “the fish monger down the street.” Whereas a fiduciary is akin to a dietitian who will “run all of her analysis and give me her best thinking of what is best for me.” As you’d imagine, comments on Weissbluth’s video vary. But like all things in your business as an independent, it’s up to you to decide. If you want ideas on how other producers I consult are using this, I’m a phone call or email away.

Advise with Passion,
MJN

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