How to Money · Friday, September 11, 2026
The SEC has charged 38 investment advisory firms for submitting bogus filings, highlighting a prevalent issue of scams in the financial advisory space. Hosts stressed the importance of hiring fee-only fiduciary advisors who are legally bound to act in clients' best interests, contrasting them with advisors who may prioritize high commissions.
“SEC charges 38 investment advisor firms with bogus filings. And it's a classic story, man, of investors getting scammed, right? Like there are quote unquote advisors out there. They are filing fraudulent fake papers, filings essentially, shut down by the SEC, which is a good thing.”
“You want a fee-only fiduciary advisor. that holds them to a legal standard of working in your best interest.”
“There are a lot of advisors out there who don't hold themselves to that standard. And so you might not get scammed, but you just might not get great service. Or you might not get someone who is looking out for you. Maybe they're trying to sell you high commission, high fee products that benefit them.”