In medicine, doctors must abide by the Hippocratic Oath, often summed up by a phrase from The History of Epidemics: “first, do no harm.” In law, the rules of professional responsibility require lawyers act in the interest of their clients.
In finance, most professionals operate without such a code. Financial representatives, whatever their title (consultant, agent, planner, etc.) represent their firms and themselves, not you. Unlike the doctor and lawyer, a financial rep can legally act against your interest. He can charge you exorbitant fees, sell you unsafe securities, construct an imprudent portfolio and abuse your assets for his personal profit as long as he keeps you informed. The potential returns and positive aspects of investment products are loudly spoken and advertised. The risks, fees, and potential losses are written in tiny letters toward the back of lengthy, rarely read documents.
Even if you have found a professional or fund you trust, it is your money which is at risk. You are the investor. Your money changes in value through the activities of the portfolio manager, whose own money may be in completely different securities. Meanwhile, some of your money – often a huge chunk of your interest and dividends – is taken by the manager for services rendered.
The bottom line here is that you are the investor of your own money. The responsibility is never truly borne by others. You are on your own. You may have people who speak with you and even execute transactions for you; but monetarily you are on your own. You will gain and lose from your own decisions; including a decision to trust someone else.
This is a good thing. You can easily invest optimally and know how to avoid all useless tactics, harmful products, and wasteful fees. Get Wall Street Is Legally Scamming You, available at Amazon and Barnes & Noble.