The Institute for the Fiduciary Standard

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Difference Between a Broker and an Advisor

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Darren Fogarty, Research Analyst for the Institute and Employee Benefits Advisor at Wincline, gives commentary on the true differences between brokers and advisors in a recent interview with Healthcare Americana. Wincline is a fee-only, benefits advisory firm that advises companies on reducing their healthcare costs.

Fogarty speaks with clarity on the critical difference for a client between being served by a fiduciary as opposed to a sales broker. You can listen to the clip below:

If you are interested in viewing the relevant sections of the paper that Fogarty discusses in his interview with Healthcare Americana, you can view the discussion of brokers and the discussion of fee-only advisors at their respective links.

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