I was reading an article today about the proposed financial reform and came across this statement. I did not realize that stock brokers are not Fiduciaries like real estate agents are. Which means they are NOT required to put the interest of their client first!
Money Magazine August 2009 – “The administration wants stockbrokers to be fiduciaries. Translation: They’d be legally required to put your interest first. Thought that was already true? Nope. Today they’re generally required to only to sell something “suitable,” which gives them plenty of room to steer you toward investments that their firm is flogging or that pay better commissions.” “When you talk to your broker today, you are talking to a salesperson. Says Yale Economist Robert Shiller.”
This is a major difference in your relationship with your real estate agent. We, as agents, are bound to represent our clients best interest in every way. Unless you have an agent that is unethical and does not take his or her legal obligation seriously, you can rest easy in knowing that a licensed real estate agent is working for you! Especially if you are working with a Cortiers Agent. http://www.roundrockhomesandrealestate.com/
Thanks,
James Murr
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