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Author: Hawkwin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 81617  
Subject: Re: Wade Pfau: 3% is the new 4% SWR? Date: 3/3/2014 9:30 AM
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1) Because the rest of my financial situation is none of their business. I've even run into one who wouldn't even answer a question I had about mortgages unless he first knew all the details of my entire financial picture.

2) Their compliance department may be extraordinarily lawsuit averse, and not want to take on a client that may (in the eyes of a future lawsuit) be put into an "inappropriate" investment.

You can blame FINRA and the SEC for this.



Even unsolicited trades now face this level of scrutiny.

If you are making your own trades, why use full service advisor? Why not just use an online discount broker where you won't be asked as many questions? They will still require you give the information up front but they won't ask you on every trade to justify your purchase.
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