Should Financial Advisers Act Like Salespeople?

Fiduciaries.

A big problem in the financial industry is that lots of its clients think that they are dealing with advisers, while the industry thinks they are dealing with salespeople. If I have bonds, and I don't want those bonds, and I am a salesperson, and I convince you to buy those bonds from me, then that is good, that is my job, everything is great. If I have bonds, and I don't want those bonds, and I am your adviser, and I convince you to buy those bonds from me, then that is bad, that is the opposite of my job, that is a conflict of interest. And if I think I'm a salesperson whose job is to sell you stuff that I don't want, and you think I'm an adviser whose job is to help you buy stuff that you should want, then all of our interactions will be fundamentally dishonest and terrible and dangerous.