ML-Implode News - The Depp Conundrum: Who Should Keep Tabs on the Money?

Mr. Depp, by his own admission, often had no idea what was occurring in his bank accounts and would regularly sign whatever documents the Management Group put before him, without bothering to read what they said, on the assumption that his financial adviser "was behaving as a loyal fiduciary and prudent steward of his funds and finances," his lawsuit asserts.
And this is where the Trump administration comes in, because that word -- fiduciary -- is at the heart of a battle raging within the federal government over how much responsibility we ought to bear in managing our own finances, and how much we should trust the people giving us advice.
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this battle is part of a broader clash within the federal government that is likely to shape Mr. Trump's presidency. At the core of those who oppose the new fiduciary rules is a basic belief: People ought to bear more responsibility for monitoring their finances and lives. The fiduciary standard, its critics claim, does a disservice to the nation by placing the burden of financial accountability on advisers, rather than on us, the people who should be paying attention to what occurs with our bank accounts. We should be expected to scrutinize the advice we receive, these critics say, rather than accept it unthinkingly. A fiduciary protection enfeebles us by guaranteeing we'll receive only good advice.

We think this debate is ridiculous. The financial area remains the only arcane, complicated profession where it's "ok" not to put the (unsophisticated) client's best interests first. If there's no fiduciary responsibility there, then why should we hold other professions -- like doctor's and lawyers -- to any fiduciary responsibility either? You can just as well say you need to do your own research in those areas, and everyone knows you can't fully trust your interests to them. But there is some level of reasonable reliance, and you have resort to a malpractice action, which to some extent holds the whole profession "in line".

Relevant:

The Depp Conundrum: Who Should Keep Tabs on the Money?