Banks and investment companies are more than mere financial firms. They hold and manage assets, such as retirement income, on behalf of others, whether individuals, companies or governments. In short, they have a fiduciary role to fulfil, based on trust. So why have the beneficiaries not really benefitted?
The moment has arrived for an honest conversation about the standards applied to fiduciaries. Fiduciary responsibility has, particularly in the United States though in other countries too, come to mean making money. But the best interest of the beneficiary may not rest on making money alone. If the money is made in a way that engenders a lower quality of life, or a shorter life, the beneficiary has in fact been ill-served.
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