Doing Due Diligence on Your Financial Advisor – Part II: Fiduciary

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In the medical profession, physicians practice according to a familiar standard: “First do no harm.” There should be a similar level of commitment for anyone who wants to advise you about your financial well-being, right? Unfortunately, wrong. Financial advice is subject to a double legal standard: “fiduciary” versus “suitable” advice. Worse, it’s up to you to spot the differences between them, and to heed the quality of the advice accordingly.

Fiduciary vs. Suitable: Different Incentives Drive Different Advice

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Doing the Due Diligence on Your Financial Advisor – Part 1: How do You Know?

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It’s time to address a challenging subject: In selecting or retaining a financial advisor, how do you know if you’re making a wise choice?

It’s a challenging subject for us and one that we take very seriously as we develop and expand on our firm’s own best practices. We believe it is even more challenging for investors. First, the stakes are high. The quality of the selection, or lack thereof, can literally make or break your family’s fortune. ...

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