3. Not a Fiduciary

Many advisors will tell you that they work in their clients’ best interests. However, a fiduciary is the only type of advisor obligated to put the client’s interests first. By law, fiduciaries must put an investor’s interests before theirs. For wealth managers, this is the highest standard.

Not all advisory firms adhere to a fiduciary standard. Many adhere to the “best interest standard” where managers must make suitable investment recommendations for clients. The critical difference is that the fiduciary obligation applies to the advisor’s entire client relationship. The best interest standard applies only at the time of a specific recommendation.

Many wealth managers will tell you they work in their client’s best interest. However, the only type of advisor obligated to put client’s interest first is a fiduciary. By law, fiduciaries must put an investor’s interests before theirs.

Is your wealth manager committed to your best interests, or is it time to get a second option?

WOULD YOU LIKE TO JUMP AHEAD AND BOOK A SECOND OPINION?