Article Originally Published: Kiplinger
The bad behavior of Wall Street firms repeatedly makes headlines.
New scandals seem to crop up every other month — instances of insider trading, mortgage fraud, market manipulation and other illegal activities that result in massive financial losses for the firms’ customers and the broader economy.
During the last 20 years, the financial sector paid a staggering $331 billion in fines for various violations. Though that number is difficult for most of us to wrap our heads around (you could buy about 165,000 basic private jets with that kind of cash), it hardly makes a dent in an industry that’s worth about $1.7 trillion.
So, the bad behavior continues, and the consumer suffers.
The Kiplinger Building Wealth program handpicks financial advisers and business owners from around the world to share retirement, estate planning and tax strategies to preserve and grow your wealth. These experts, who never pay for inclusion on the site, include professional wealth managers, fiduciary financial planners, CPAs and lawyers. Most of them have certifications including CFP®, ChFC®, IAR, AIF®, CDFA® and more, and their stellar records can be checked through the SEC or FINRA.
Though the state of the financial industry seems grim, there is reason to hope. The Goliath Wall Street banks, brokerage firms and insurance companies can be defeated if we arm our slingshots with the right rocks.
The most powerful rock — the one that will ultimately deliver the killing blow — is consumer education.
