As an Investment Advisor Representative, I am proud that I operate under the fiduciary standard. The DOL Fiduciary Standard that is being suggested for the most part won’t impact what we do for our clients.
What people, most people who have “financial planners” don’t realize is how this impacts their money. There are two standards, well maybe three. The fiduciary standard, the suitability standard and I’ve heard there is a separate standard for banks – I need to locate a cite for this.
The average person thinks they are working with an advisor or planner who is looking out for their best interest. This is seldom the case. Most advisors fall under the suitability standard. This is pretty simple – does this product, mutual fund, insurance annuity meet the basic needs of the client? If the answer is yes, you’re all set. Note: this product does not have to be in the best interest of the client, simply suitable.
The fiduciary standard is more like this, is this product in the best interest of the client? If not, we don’t do the deal.
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DOL Fiduciary Standard – Further reading