It’s legal to give bad financial advice. New SEC protections may not help much

It’s legal to give bad financial advice. New SEC protections may not help much

Nitat Termmee | Moment | Getty ImagesThese days, it's harder than ever for consumers to know if they're getting good financial advice.Current rules make it easy — and legal — for brokers to recommend investments that aren't in the best interest of their clients.This framework has been in place for years on Wall Street. But financial regulators have further muddied the waters in recent months, according to consumer advocates and other financial experts.Perhaps most significantly, a rule adopted by the Securities and Exchange Commission may give investors a false sense of security, they said.More from Advisor Insight:Consumers need to know what being a 'fiduciary' advisor meansYour advisor skipping the federal disclosure rule might not be badHow to vet your own financial advisor"It is a wolf in sheep's clothing," said Ron