Phil Cannella Spearheads Industry Reform


Phil Cannella, has been a leading insurance and financial professional for for almost 40 years, and has been at the vanguard of a movement to reform the financial services industry. He is leading the charge to bring real fiduciary responsibility to financial advisors so that American retirees can get the real and true financial help they deserve. Phil Cannella believes the real problem is that too many financial professionals are not acting in the best interest of their clients because the best interests of the client do not always align with the best interests of the advisors own pocketbook. All of this boils down to what is meant by the word “fiduciary” and how it relates to this industry.

The meaning of fiduciary is: “

“An individual in whom another has placed the utmost trust and confidence to manage and protect property or money. The relationship wherein one person has an obligation to act for some one elses benefit.”“A fiduciary relationship encompasses the idea of faith and confidence and is generally established only when the confidence given by one person is actually accepted by the other person. Mere respect for another individual’s judgment or general trust in his or her character is ordinarily insufficient for the creation of a fiduciary relationship. The duties of a fiduciary include loyalty and reasonable care of the assets within custody. All of the fiduciary’s actions are performed for the advantage of the beneficiary.”

Phil Cannella upholds the definition of being a fiduciary in all of his dealings with his clients as he works with seniors, day in and day out to protect their interests. His exclusive Crash Proof Retirement System ensure that. Phil Cannella points out that this is one of the things that is inherently wrong with many brokers who lack any fiduciary duty altogether and is one of the reasons the financial professional is often held in pure repute. If one is going to operate in business in this field it requires a strong and clean heart and to deal at a level of truth.

A “fiduciary” is further clarified as:

“From the Latin fiducia, meaning “trust,” a person (or a business like a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty. The most common is a trustee of a trust, but fiduciaries can include business advisers, attorneys, guardians, administrators of estates, real estate agents, bankers, stock brokers, title companies, or anyone who undertakes to assist someone who places complete confidence and trust in that person or company. Characteristically, the fiduciary has greater knowledge and expertise about the matters being handled. A fiduciary is held to a standard of conduct and trust above that of a stranger or of a casual business person. He/she/it must avoid “self dealing” or “conflicts of interests” in which the potential benefit to the fiduciary is in conflict with what is best for the person who trusts him/her/it. For example, a stockbroker must consider the best investment for the client, and not buy or sell on the basis of what brings him/her the highest commission. While a fiduciary and the beneficiary may join together in a business venture or a purchase of property, the best interest of the beneficiary must be primary, and absolute candor is required of the fiduciary.”