When Will Wall Street Learn to Put the Customer’s Interests First?

Two recent examples of Wall Street’s abuse of its customers prove that Wall Street still doesn’t get it. The customer comes first, not the firm or the broker.   It’s no wonder that first up is Wells Fargo, which has been dogged for almost two years with repeated scandals, all revealing a toxic culture that emphasized finding ways to generate fees over service to clients. The Wall Street Journal last month reported that Wells Fargo financial advisors pushed clients into products that “generated additional fees and often moved client assets between different products or investing platforms to generate more revenue and bigger bonuses.” The report cited more than two dozen former employees and documents reviewed by the Wall Street Journal as its sources.  Wells Fargo advisors frequently targeted “wealthy clients in Wells Fargo’s private bank, sometimes steering them into alternative investments of which Wells Fargo was…

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