{"id":9138,"date":"2018-06-18T09:08:11","date_gmt":"2018-06-18T16:08:11","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=9138"},"modified":"2024-04-05T02:24:37","modified_gmt":"2024-04-05T06:24:37","slug":"how-to-find-a-fiduciary-financial-advisor","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/","title":{"rendered":"How to Find a Fiduciary Financial Advisor"},"content":{"rendered":"\n<p><strong><a rel=\"nofollow noopener noreferrer\" href=\"https:\/\/www.amazon.com\/Steps-Selecting-Best-Financial-Advisor-ebook\/dp\/B07B7QFZZL\/ref=sr_1_1?ie=UTF8&amp;qid=1524075046&amp;sr=8-1&amp;keywords=jack+waymire\" target=\"_blank\">Choosing a financial advisor<\/a><\/strong> is one of the most important decisions you will ever make \u2013 what happens with your investments can literally alter the course of your lifestyle, and your life. When selecting a financial professional, many consumers assume the advisor will automatically act in the client\u2019s best interest. Unfortunately, that isn\u2019t always the case. In many instances, financial \u201cadvisors\u201d are incentivized to sell various products to their clients, regardless of whether those products serve their clients\u2019 best interests.<\/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-69e505c515ab5\" 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-69e505c515ab5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#Table_Of_Content\" title=\"Table Of Content\">Table Of Content<\/a><\/li><\/ul><\/li><\/ul><\/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\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#Two_Sets_of_Standards_for_Advisors\" title=\"Two Sets of Standards for Advisors\">Two Sets of Standards for Advisors<\/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\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#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-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#The_Real_Issue\" title=\"The Real Issue\">The Real Issue<\/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\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#RIAs_are_Legal_Fiduciaries\" title=\"RIAs are Legal Fiduciaries\">RIAs are Legal Fiduciaries<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#All_Other_Advisors_Are_Not\" title=\"All Other Advisors Are Not\">All Other Advisors Are Not<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#How_to_Determine_if_an_Advisor_is_a_Fiduciary\" title=\"How to Determine if an Advisor is a Fiduciary\">How to Determine if an Advisor is a Fiduciary<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#Are_you_a_fiduciary\" title=\"Are you a fiduciary?\">Are you a fiduciary?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#How_are_you_compensated\" title=\"How are you compensated?\">How are you compensated?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/#Do_you_accept_any_other_forms_of_compensation\" title=\"Do you accept any other forms of compensation?\">Do you accept any other forms of compensation?<\/a><\/li><\/ul><\/nav><\/div>\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Table_Of_Content\"><\/span><strong>Table Of Content<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Sets of standards for Advisors<\/li><li>What is a Fiduciary?<\/li><li>Issues while finding a right financial advisor<\/li><li>RIAs are Legal Fiduciaries<\/li><li>How to determine if an Advisor is a Fiduciary<\/li><li>How are Fiduciary Advisors compensated?<\/li><li>Do Fiduciary Advisors accept any other forms of compensation?<\/li><\/ul>\n\n\n\n<p>Before you move forward in working with a financial advisor, you need to know under which set of \u201crules\u201d he or she is working. Under financial laws and regulations, there are actually two different standards of consumer protection.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Two_Sets_of_Standards_for_Advisors\"><\/span><strong id=\"1\">Two Sets of Standards for Advisors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One set of rules is for financial advisors who offer various insurance and investment products. These \u201csalespeople\u201d are essentially obligated to their employer \u2013 not to their clients. The other is for professionals who are registered as investment advisors with the Securities and Exchange Commission (SEC) or comparable state regulators.<\/p>\n\n\n\n<p>In the case of the latter, a Registered Investment Advisor (RIA) does not sell specific products to their clients, but instead offers financial advice and solutions. In doing so, he or she must act in a fiduciary capacity, placing the clients\u2019 interests above all else. In fact, as fiduciaries, it is their legal obligation to do so.<\/p>\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>Throughout history, the status of fiduciary has been applied to those who, because of their specialized knowledge and the confidential nature of the service provided, are entrusted with certain powers or authority by individuals who are then vulnerable to the possible overreach of the specialist. This special status has been codified in laws and regulations to provide individuals with transparency into the actions of the specialist, including requirements for complete disclosure of activities and compensation.<\/p>\n\n\n\n<p>Over time, the courts have obligated fiduciaries to two specific requirements: The duty of loyalty; and the duty of care. This legally entitles their clients to expect the highest level of integrity and honesty in their dealings. The SEC narrowed its view of the fiduciary standard to include even more specific standards, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>To manage portfolios in the best interest of clients<\/li><li>To provide clients with undivided loyalty<\/li><li>To make full and fair disclosure of all material conflicts of interest<\/li><li>To seek the best execution for client transactions<\/li><li>To ensure that investment advice is suitable for clients\u2019 objectives, needs and circumstances<\/li><li>To refrain from effecting personal securities transactions inconsistent with client interests<\/li><\/ul>\n\n\n\n<p>The benefits of working with a fiduciary are clear: When an advisor puts your interests first, he or she is making recommendations that are best suited for <em>your<\/em> situation. Fiduciaries invest your money the way they would if it was <em>their<\/em> money. All decisions are made with the best intentions and for reasons that are important to you. They don\u2019t sell. They don\u2019t push. They act in your best interests. They have to.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Real_Issue\"><\/span><strong>The Real Issue<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When it comes to finding the right financial advisor, here\u2019s the real issue:<\/p>\n\n\n\n<p>The investor wants to accumulate assets to achieve financial goals, for example, accumulate assets for retirement. The advisor wants to make a good living.&nbsp;Investor goals and advisor goals are different. For example, the advisor makes a better living when he maximizes the revenue\/income he produces from the investor\u2019s assets.<\/p>\n\n\n\n<p>So, which need prevails?<\/p>\n\n\n\n<p>If the advisor is a fiduciary, then the investors\u2019 needs (achieve financial goals) have to come first. If the advisor is not a fiduciary, then he or she is supposed to make suitable recommendations, but investor needs do not have to come first.<\/p>\n\n\n\n<p>FYI, suitable is a very vague standard that is very difficult to enforce, which is just the way Wall Street wants it.<\/p>\n\n\n\n<p>This is a big issue when people select financial advisors, and it can be very confusing, in particular when people are not sure what fiduciary means, how it impacts them and how to determine who is a fiduciary.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"RIAs_are_Legal_Fiduciaries\"><\/span><strong>RIAs are Legal Fiduciaries<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The only financial advisors who are legally required to apply the fiduciary standard in their dealings with clients are those registered with the SEC as Registered Investment Advisors (RIAs) or Investment Advisor Representatives (IARs). RIAs operate as independent firms and IARs are financial advisors who operate under a RIA. They carry either a Series 65 or Series 66 license.<\/p>\n\n\n\n<p>By definition, fee-only RIAs are the only truly independent source of unbiased advice. They are compensated directly by their clients, so they answer only to them. They are independent of shareholder control, investment banking influence, closed architecture product platforms and revenue-sharing arrangements, plus any other element that might preclude them from offering unbiased, conflict-free advice. As such, they are the only advisory model that can hold claim to a strict adherence to the fiduciary standard of care.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"All_Other_Advisors_Are_Not\"><\/span><strong>All Other Advisors Are Not<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Any other type of financial advisor is not legally bound to act in a fiduciary capacity. In fact, they are prevented from doing so by the firms that employ them. They are held to a much lower standard that only requires that the recommendations they make to clients be suitable for their situation, even if it may not be in their best interests.<\/p>\n\n\n\n<p>Although they may go by many different titles \u2013 \u201cfinancial advisor,\u201d \u201cfinancial consultant,\u201d \u201cwealth manager\u201d \u2013 they are registered representatives licensed through the Financial Industry Regulatory Authority (FINRA). They carry a Series 6 or a Series 7 license, which allows them to sell investment products. (<em>See our article, \u201c<strong><a href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-distinguish-between-fee-based-and-commission-based-advisors\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Distinguish Between Fee-Based and Commission-Based Advisors<\/a><\/strong>\u201d for more information on how advisors are compensated.<\/em>)<\/p>\n\n\n\n<p>What all these other types of advisors have in common is that they are all captive representatives, employed by their companies to sell only the products that are available on their product platform. They are also compensated by their companies in the form of commissions and production bonuses. The more products they sell the more commissions they earn and the higher their production bonuses, which puts them at odds with a client\u2019s best interests.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Determine_if_an_Advisor_is_a_Fiduciary\"><\/span><strong>How to Determine if an Advisor is a Fiduciary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With the answers to a few questions and some evidence to support them, you can know fairly quickly whether an advisor is a fiduciary. When you first speak with an advisor, the very first questions you should ask are as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Are_you_a_fiduciary\"><\/span><strong>Are you a fiduciary?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The answer is either a \u201cyes\u2019\u201d or a \u201cno.\u201d If the advisor answers \u201cyes,\u201d ask to see a copy of his Form ADV. Form ADV is a uniform form used by investment advisors to register with the SEC and state securities agencies. The form is divided into two parts \u2013 ADV Part I and ADV Part II \u2013 in which the advisor must disclose everything about his operation as a financial advisor, including forms of compensation and possible conflicts of interest. (<em>For more on how to read Form ADV, see our article, \u201c<strong><a href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/what-to-look-for-when-researching-a-financial-advisor\/\" target=\"_blank\" rel=\"noopener noreferrer\">What to Look for When Researching a Financial Advisor<\/a><\/strong>.\u201d<\/em>)<\/p>\n\n\n\n<p>If the advisor won\u2019t or can\u2019t provide you with a copy of his Form ADV, he is probably not a fiduciary RIA. You can also see a copy of an advisor\u2019s Form ADV on the SEC\u2019s Investment Advisor Public Disclosure website.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_are_you_compensated\"><\/span><strong>How are you compensated?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>True fiduciary advisors are only compensated with fees paid directly by their clients. The fee is typically a percentage of the amount invested with the advisor, typically around 1 percent. They might also charge a flat fee for advice and some charge an hourly fee. You can verify their compensation in their Form ADV.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_you_accept_any_other_forms_of_compensation\"><\/span><strong>Do you accept any other forms of compensation?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A true fiduciary advisor does not accept any other forms of compensation, especially from third-party providers. If they do, it must be disclosed in their Form ADV. It is important to note that some RIAs, often referred to as hybrid-RIAs, also offer investment products for a commission. Not only must they disclose their compensation for offering these products, they must also disclose they are not operating in the capacity of a fiduciary when they do so.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors\">Hire a financial advisor<\/a> who will absolutely put your interests above his or her own, you must work with a fiduciary advisor. To ensure you are working with a fiduciary, do not ask for anything less than the answers to these questions and the documentation to support them.<\/p>\n\n\n\n<p><em><a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/jack-waymire\/\">Jack&nbsp;Waymire<\/a> worked in the financial services industry for 28 years before he left to found the Paladin Registry (<a rel=\"noreferrer noopener\" href=\"http:\/\/www.paladinregistry.com\/\" target=\"_blank\">www.PaladinRegistry.com<\/a>) in 2004. This investor education website was based on the Principles in&nbsp;Jack\u2019s first book:<\/em> <em>&#8220;Who\u2019s Watching Your Money?&nbsp;The 17 Paladin Principles for Selecting a Financial Advisor.&#8221;&nbsp;<br>The Registry also has a free service that matches investors to advisors who meet Paladin\u2019s minimum requirements for competence and trustworthiness.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Choosing a financial advisor is one of the most important decisions you will ever make \u2013 what happens with your investments can literally alter the course of your lifestyle, and your life. When selecting a financial professional, many consumers assume the advisor will automatically act in the client\u2019s best interest. Unfortunately, that isn\u2019t always the case. In many instances, financial \u201cadvisors\u201d are incentivized to sell various products to their clients,<\/p>\n","protected":false},"author":2,"featured_media":9139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[325],"tags":[],"class_list":["post-9138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Find a Fiduciary Financial Advisor? - Guide<\/title>\n<meta name=\"description\" content=\"Learn how to find a fiduciary financial advisor and protect yourself against advisor conflict of interests with these simple guidelines.\" \/>\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\/advisors\/how-to-find-a-fiduciary-financial-advisor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Find a Fiduciary Financial Advisor? - Guide\" \/>\n<meta property=\"og:description\" content=\"Learn how to find a fiduciary financial advisor and protect yourself against advisor conflict of interests with these simple guidelines.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/\" \/>\n<meta property=\"og:site_name\" content=\"Paladin Registry Blog\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/PaladinRegistry\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-18T16:08:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-05T06:24:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2018\/06\/how-to-find-a-fiduciary-financial-advsior-Paladin-Registry.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"724\" \/>\n\t<meta property=\"og:image:height\" content=\"483\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jack Waymire\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@PaladinRegistry\" \/>\n<meta name=\"twitter:site\" content=\"@PaladinRegistry\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jack Waymire\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/\",\"url\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-find-a-fiduciary-financial-advisor\/\",\"name\":\"How to Find a Fiduciary Financial Advisor? 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