{"id":555,"date":"2013-04-01T14:26:23","date_gmt":"2013-04-01T21:26:23","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=555"},"modified":"2022-01-24T01:14:23","modified_gmt":"2022-01-24T06:14:23","slug":"a-real-financial-advisor-is-a-fiduciary","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/wall-street\/a-real-financial-advisor-is-a-fiduciary\/","title":{"rendered":"A Real Financial Advisor is a Fiduciary"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignleft\"><a href=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2013\/03\/Fiduciary.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"258\" height=\"195\" src=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2013\/03\/Fiduciary.jpg\" alt=\"A Real Financial Advisor is a Fiduciary\" class=\"wp-image-557\"\/><\/a><\/figure><\/div>\n\n\n\n<p>Did you know there are people who pretend to be real financial advisors? However, they are really sales representatives. They make this false claim to reduce sales resistance so it is easier to sell investment products to unsuspecting people.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d01fb7f1d2f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d01fb7f1d2f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/a-real-financial-advisor-is-a-fiduciary\/#Why_Use_Deception\" title=\"Why Use Deception?\">Why Use Deception?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/a-real-financial-advisor-is-a-fiduciary\/#Is_This_Legal\" title=\"Is This Legal?\u00a0\">Is This Legal?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/a-real-financial-advisor-is-a-fiduciary\/#Who_are_the_Real_Financial_Advisors\" title=\"Who are the Real Financial Advisors?\u00a0\">Who are the Real Financial Advisors?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/a-real-financial-advisor-is-a-fiduciary\/#What_is_a_Fiduciary\" title=\"What is a Fiduciary?\">What is a Fiduciary?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/a-real-financial-advisor-is-a-fiduciary\/#Why_Select_a_Financial_Fiduciary\" title=\"Why Select a Financial Fiduciary?\u00a0\">Why Select a Financial Fiduciary?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/a-real-financial-advisor-is-a-fiduciary\/#Why_are_Ethical_Standards_Important\" title=\"Why are Ethical Standards Important?\">Why are Ethical Standards Important?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/a-real-financial-advisor-is-a-fiduciary\/#How_Do_You_Protect_Your_Financial_Interests\" title=\"How Do You Protect Your Financial Interests?\u00a0\">How Do You Protect Your Financial Interests?\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"has-text-align-left wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Use_Deception\"><\/span>Why Use Deception?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Reps and their employers know 90% of people do not want sales representatives investing their assets. Investors have three concerns.<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>The competence of the reps. Do they have the knowledge investors need to achieve their financial goals?<\/li><li>Their ethics. Do they recommend the best products or the products that pay the biggest commissions?<\/li><li>Their ongoing services. Reps are paid one-time commissions to sell products. They are not paid ongoing compensation to provide ongoing services such as performance reporting.<\/li><\/ol>\n\n\n\n<p>Reps have to get over these three hurdles. The easiest way is to lie about their actual role.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_This_Legal\"><\/span>Is This Legal?\u00a0<wp-block data-block=\"core\/more\"><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Yes it is for two reasons. One is reps can use whatever titles help them sell the most investment products. Many reps call themselves financial planners, financial advisors, and investment advisors. This benefits the rep and the company behind the rep because they sell more products. Also, reps do not have mandatory disclosure requirements that require them to volunteer factual information. It is up to investors to ask the right questions, visit the FINRA website, and know good answers from bad ones. Or, they can use Paladin research tools to do the work for them (<a href=\"http:\/\/www.PaladinRegistry.com\" target=\"_blank\" rel=\"noopener noreferrer\">www.PaladinRegistry.com<\/a>).<strong>&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_are_the_Real_Financial_Advisors\"><\/span>Who are the Real Financial Advisors?\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Real financial advisors have three key characteristics.<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Their registrations. They are Registered Investment Advisors (RIAs) or Investment Advisor Representatives (IARs).<\/li><li>They are financial fiduciaries.<\/li><li>Their method of compensation. They are paid fees like other professionals who are depended on for specialized knowledge and services (CPAs, attorneys).<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Fiduciary\"><\/span>What is a Fiduciary?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The dictionary says a fiduciary is a person who holds a position of trust. An investment advisor is a super-fiduciary because he provides advice people depend on to make investment decisions for their assets. This is a major position of trust, in particular when retirement assets are at stake. However, not everyone in the financial service industry is a fiduciary. RIAs and IARS are fiduciaries. Sales reps, stockbrokers, and insurance agents <strong><em>are not<\/em><\/strong> fiduciaries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Select_a_Financial_Fiduciary\"><\/span>Why Select a Financial Fiduciary?\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>RIAs and IARs are <a href=\"https:\/\/www.paladinregistry.com\/articles\/financial-fiduciaries\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">financial fiduciaries <\/a>who are held to the highest ethical standards in the financial service industry. Your financial interests must come first. Reps, brokers, and agents are held too much lower standards that are deliberately vague so reps and companies make their own decisions about what is ethical and unethical. How else could Goldman Sachs sell toxic mortgages to unsuspecting investors?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_are_Ethical_Standards_Important\"><\/span>Why are Ethical Standards Important?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ethics are supposed to protect you from unethical business practices. But, they do not do a very good job when ethics are vague and subject to interpretation. For example, is it ethical for an advisor to sell a bad product that produces a big commission? The higher fiduciary standard says no \u2013 that is not in the investor\u2019s best interest. A lower standard says yes \u2013 it is the investors\u2019 responsibility to know the product is low quality and the rep has a conflict of interest due to the size of the commission.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Do_You_Protect_Your_Financial_Interests\"><\/span>How Do You Protect Your Financial Interests?\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Select advisors who are RIAs or IARs, are acknowledged <a href=\"https:\/\/www.wiseradvisor.com\/blog\/financial-advisor-guide\/fiduciary-financial-advisor\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"fiduciaries (opens in a new tab)\">fiduciaries<\/a>, and are compensated with fees like other professionals. You can find them on your own or use the free service on <a href=\"http:\/\/www.paladinregistry.com\" target=\"_blank\" rel=\"noopener noreferrer\">www.paladinregistry.com<\/a>. 100% of the advisors who are profiled on this site are RIAs, IARs, fiduciaries, and compensated with fees.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you know there are people who pretend to be real financial advisors? However, they are really sales representatives. They make this false claim to reduce sales resistance so it is easier to sell investment products to unsuspecting people. Why Use Deception? Reps and their employers know 90% of people do not want sales representatives investing their assets. Investors have three concerns. The competence of the reps. Do they have<\/p>\n","protected":false},"author":2,"featured_media":557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wall-street"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Real Financial Advisor is a Fiduciary<\/title>\n<meta name=\"description\" content=\"When selecting a financial advisor, you need someone you can trust. This is why you should select a financial fiduciary.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/a-real-financial-advisor-is-a-fiduciary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Real Financial Advisor is a Fiduciary\" \/>\n<meta property=\"og:description\" content=\"When selecting a financial advisor, you need someone you can trust. 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This investor education website was based on the Principles in Jack\u2019s first book: \"Who\u2019s Watching Your Money?\u00a0The 17 Paladin Principles for Selecting a Financial Advisor.\" Jack is also the co-author of \"5 Steps for Selecting the Best Financial Advisor (How the Internet has changed the game for investors and advisors)\". Beginning in 2004,\u00a0Paladin began vetting and documenting advisor credentials, ethics, business practices and services for investors. 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