When a financial adviser can recommend a proprietary fund to a client, a clear conflict of interest arises.
ECONOMIST: The rise of an American broking firm
Proprietary fund revenue sharing was cut to lower but comparable levels.
FORBES: "Capping" 401k Revenue Sharing: Record-keepers Block Rebates To Participants (May 19,2008)
The answer is, overwhelmingly, insurance companies peddling high-cost, tax-deferred variable annuities with crappy proprietary mutual fund options and high-risk fixed accounts.
FORBES: With Pensions At Risk, Government Workers Must Demand Better 457 and 403(b) Retirement Plans
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