Write Congress that you want TRULY OBJECTIVE financial advice at all times

October 16, 10:31 AMBaltimore Financial ExaminerTom Taylor, CPA/PFS

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Someone is finally doing something to correct the abuses on Wall Street and so called "financial advisors."  If you want your voice heard, use the letter template in the link to contact your Congressional Representative and Senator.

Join NAPFA in its campaign to encourage Congress to consider legislation to improve consumer protection during this time of uncertainty and going forward. Please download a copy of our letter for consumers to send to Congress, pick your legislator off of the list at the top of the letter and let your voice be heard! The following press release was issued yesterday:
 
 
In Light of Financial Turmoil, Congress Must Be Called Upon to Protect Consumers:
National Association of Personal Financial Advisors (NAPFA) issues challenge to Congress and regulators to address consumer protection
 
 
ARLINGTON HEIGHTS, IL (October 14, 2008) - The National Association of Personal Financial Advisors (NAPFA), the country's leading professional organization of Fee-Only financial advisors, released the following statement today as a result of continued financial chaos:
 
Americans are seeing the results of gaps in financial services regulations.  Even more important, Main Street has been adversely affected by the greed of the leaders of Wall Street firms, as they ignored their fundamental obligations to their own companies and the soundness of our financial system.  Greater and greater risks were assumed and ignored, in pursuit of greater and greater profits.
 
In the weeks and months ahead, Congress and the state regulatory agencies will be re-examining the regulation of the financial services industry.  We believe that individual investors deserve trusted personal financial advisors to assist them through the ups and downs of the capital markets.  Only by embracing a mandated fiduciary standard of conduct for all financial planners will the American consumer receive truly objective, trusted advice which is in their best interests at all times.  Our fellow citizens deserve nothing less.
 
NAPFA is calling on all consumers to have their voices heard by members of Congress as reforms are needed to ensure they are protected.  To help, NAPFA has developed a form letter consumers can download at www.NAPFA.org.  A link is also provided to help people identify their representative.