According to Gallup’s 2023 Honesty and Ethics poll, a mere 12% of American adults believe stockbrokers are highly ethical. This places them just above members of Congress, car salespeople, and advertising practitioners.
It’s not difficult to see why the public mistrusts the financial industry. Every decade, there are numerous examples of bad behavior that costs the average American. A few examples are the Wolf of Wall Street culture in the 1980s, the 2008 mortgage crisis and ensuing financial collapse as well as the current long list of firms gettingsuedbytheSECfor improper business practices and unethical conduct.
Despite this, the average person must navigate this minefield to get ahead financially.
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