Phil Cannella Talks Consumer Protection with Leading Consumer Advocate


Phil Cannella, host of the Crash Proof Retirement Show & founder of the proprietary Crash Proof Retirement System conducted an exclusive interview with Barbara Roper– the Director of Investor Protection for the Consumer Federation of America. Ms. Roper’s appearance on The Crash Proof Retirement Show paralleled her impressive career spent thoroughly dedicated to consumer advocacy causes. As a member of AARP’s “Money-After-50” program she has worked hard to benefit older Americans and specifically, people in or near retirement. Barbara Roper is also the nation’s leading consumer spokesperson on investor protection. More noticeably, on several different occasions she has led the charge against federal and state laws infringing on investor protection by testifying before Congress.

Phil Cannella discovered through their interview that he and Barbara both agree on the importance of financial professionals operating under a Fiduciary Responsibility- An obligation Wall Street professionals are not held to and a practice that hurts millions of investors every year due to advisors not acting in the best interests of clients.

“It’s a huge problem,” said Ms. Roper, “because even people who consider themselves financially sophisticated don’t know whether their current broker or advisor is a fiduciary or not. Nobody calls themselves a broker anymore. But most people assume that they’re dealing with someone who’s required to put their best interest first.”

As founder of The Crash Proof Retirement System, Phil Cannella has evened the playing field for investors by educating them on a variety of topics, including making them aware of the lack of a Fiduciary Responsibility on Wall Street. A problem Barbara Roper is passionate about.

What do you tell [a client] to do in that circumstance?” she asked. “You can certainly advise that they ask ‘Are you a fiduciary? Will you put my interests first?’ We’ve certainly recommended that, but I don’t feel a lot of confidence that people out there are doing that. What do you tell [a client] to do in that circumstance?” she asked. “You can certainly advise that they ask ‘Are you a fiduciary? Will you put my interests first?’ We’ve certainly recommended that, but I don’t feel a lot of confidence that people out there are doing that.”

As such, Ms. Roper’s organization is at the forefront of the push for a fiduciary requirement when it comes to retirement accounts—the same requirement advocated by President Obama when he spoke at AARP Headquarters in Washington D.C. this past winter. Such a law would protect investors from financial products that are designed to directly benefit the advisor rather than the consumer.

Listen to more of Phil Cannella’s exclusive interview with Barbara Roper, below.