The difference between fiduciaries and other financial advisors is that fiduciaries are bound by a code of ethics.
You owe it to yourself and your family to make certain you keep your financial New Year’s resolutions this year.
Probably the most important question you can ask of anyone offering you financial advice is, “Do you have a legal obligation to act in my best interests?”
Currently, stockbrokers can offer the same services as Fee-Only financial planners without being accountable to the same fiduciary standards. This exemption to the Investment Advisers Act of 1940 has been called the “Merrill Lynch rule.”
If you rely on a commission-based financial product salesperson, you will probably be sold the wrong kind of funds.