The Institute for the Fiduciary Standard

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Why Should I Care if My Financial Advisor is a Fiduciary?

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By Roger Wohlner

Originally published on The Chicago Financial Planner

The Department of Labor released its final draft of their fiduciary rules mandating that financial advisors place their client’s best interests first when offering advice on their retirement accounts in 2016. Here is a post I wrote just before the release. DOL Fiduciary Rules – What Do They Mean For You?

The rules were slated to be fully implementated on January 1, 2018, but the Trump administration’s opposition to these rules scuttled this. The current state of things in the financial advisory world is mixed, as some brokerage firms had gone partially down the path of implementation.

At the end of the day, however, why should you as an investor care if your financial advisor is a fiduciary? Here are some thoughts on this for those looking for a financial advisor or who are already working with one.

Read the full article on The Chicago Financial Planner

Dan Moisand

 

Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.

The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”

Watch the video of Moisand speaking here.

Bob Veres

 

Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information” Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.

"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."

- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture