06-28-2006, 01:03 PM
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#4
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Moderatrix
Join Date: Sep 2004
Location: MA
Posts: 10,321
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Quote:
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Originally Posted by njpatsfan
Give money to a huckster, and then want the players union (and thereby the league) to make up for it ?
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Not so simple, I think...the union certifies financial advisors and requires players to use one from their list. Under those circumstances, it's very reasonable for players to assume that the union has done due diligence.
(OT, there's a similar principle encouraging the dominance of the 401k market by handful of huge mutual fund firms. The benefits managers who design the plan hold a fiduciary responsibility to choose reasonable fund options. Otherwise they could be held personally liable for the results. So if you're a plan manager, you figure "ok, I choose Fidelity and I'm in the clear, nobody can possibly claim I was wacky and irresponsible because everybody uses Fidelity.")
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