April 14, 2014

Is your adviser working in your best interests? Understanding fiduciary responsibilities

“A fiduciary is a person… who has been placed in a high standard of trust. A financial adviser fiduciary has the legal responsibility and liability to place your interests first — ahead of their own. Registered Investment Advisors (RIAs) are fiduciaries and are legally bound to place a client's best interest above the firm's. While you might think all financial service providers are fiduciaries, most aren't. For example Brokers are not.” “Some financial advisers say that they are ‘fee-based.’ This is also not the same as ‘fee-only.’ These semantics can lead to the false conclusion that advisers are fee-only fiduciaries when they are not.” For more details read Lisa Hay’s advice at: http://www.marketwatch.com/story/is-your-adviser-working-in-your-best-interests-2014-04-10

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