Turf Wars Affect the Investment Advice Field As They Do All Others

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Turf Wars Affect the Investment Advice Field As They Do All Others
By The White House from Washington, DC [Public domain], via Wikimedia Commons

I recently read an article titled Fake News Turns 80 that describes how newspapers hyped the hysteria promoted by the radio broadcast of the War of the Worlds program to discredit the new medium. The article states that: “The stories reported that the program had inspired near-riots, traffic jams, and mass hysteria. Most of the stories neglected to mention that four different announcements written into the script reminded the audience that they were listening to a fictional story, not an actual newscast. Admitting this would have crippled the attempts to create a controversy and killed any chance for newspapers to manipulate the crisis to regain financial and moral superiority over the disruptive new medium of radio.” It observes that: “In creating the fantastical story of the War of the Worlds aftermath, newspapers were committed to a goal that mattered more to them than journalistic integrity: They were committed to self-preservation.”

The real story is that there was a turf battle going on between the once all-powerful newspaper industry and the young and threatening upstart radio industry. A similar turf battle is being fought in the investment advice field today.

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