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Not everyone who manages money are fiduciaries. You need to check and make sure that's what you have, though. It sounds complicated, but it's not. A fiduciary is someone who puts your needs ahead of their needs.That's it. They always make sure that their financial advice is in your best interest. That seems straightforward, but that's not always the way it works (even if it should be).
Is “fiduciary” a legally binding term? Actually, yes — fiduciaries are legally obligated to act in your best interests. They document their processes so they can prove they're acting in your best interest as custodians of your money.
Sadly, not everyone who manages money is a fiduciary. In many cases, financial advisors only have to be held to the “suitable” standard — meaning if they can argue something's suitable for you, that's enough. Fiduciaries give you the very best options for your particular situation.
How do I know if my advisor's a fiduciary? You can ask them. That's the best way. If they say anything other than, “Yes, I'm a fiduciary,” they're not. Also, because we live in the world we live in, you should get it in writing. If they're really running their practice up to a fiduciary standard, then they won't have any trouble producing that documentation. They'll be happy to hand it over.
For example, we're fiduciaries. We'll be happy to prove it.
This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.
This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. This material is not intended to be legal or tax advice. The insurance professional can provide information, but not advice related to social security benefits. Clients should seek guidance from the Social Security Administration regarding their particular situation. The insurance professional may be able to identify potential retirement income gaps and may introduce insurance products, such as an annuity, as a potential solution. Social Security benefit payout rates can and will change at the sole discretion of the Social Security Administration. For more information, please consult a local Social Security Administration office, or visit www.ssa.gov.
Investment advisory services offered by duly registered individuals through ChangePath, LLC a Registered Investment Adviser. ChangePath, LLC and BAM Advisory Group are unaffiliated entities.