RT Journal Article SR Electronic T1 Not All Advisors Are the Same: How Can You Tell the Difference? JF The Journal of Wealth Management FD Institutional Investor Journals SP 11 OP 14 DO 10.3905/jwm.2010.13.3.011 VO 13 IS 3 A1 Maria Elena Lagomasino YR 2010 UL https://pm-research.com/content/13/3/11.abstract AB Over the last dozen years in wealth management I have seen much change in the industry. In particular, I have seen a blurring of the lines that once existed between firms selling products and those advising. When the law separating banks and brokers was repealed in 1999, banks and brokers were allowed to merge—and they did. A “sales culture” swept through the industry and relationships with trusted wealth managers changed. Relationships became one between customers and salespeople rather than fiduciary relationships based on trust and loyalty to the client. Many clients are unaware of this change—and it costs them dearly.TOPICS: Wealth management, manager selection, financial crises and financial market history