Inherent Conflict of Interest In Financial Services (and virtually any for profit endeavor)

Keep in mind that when you are dealing with a financial services firm you are dealing with a for profit entity. The goal of every for profit entity is to maximize its return to shareholders. Financial services firm’s balance their ability to take advantage of human nature (which they are very good at and have a lot of knowledge of) with seeking to maximize their own profits. There is an inherent, built-in conflict of interest. 

That is not to say that some financial services companies and financial services providers aren’t helpful or don’t really try to do the best for their clients, it is only to say that there is a temptation – usually embedded in the incentive structures – to lead with your own self interest vs the self interest of the client.