{"id":9262,"date":"2020-10-17T09:17:00","date_gmt":"2020-10-17T13:17:00","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=9262"},"modified":"2024-04-05T02:23:40","modified_gmt":"2024-04-05T06:23:40","slug":"do-fiduciary-financial-advisors-produce-better-results","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/advisors\/do-fiduciary-financial-advisors-produce-better-results\/","title":{"rendered":"Do Fiduciary Financial Advisors Produce Better Results?"},"content":{"rendered":"<p>When it comes to finding the best financial advisor, I always recommend choosing a fiduciary financial advisor. But do fiduciary financial advisors really produce better results?<\/p>\n<p>To answer this question, let\u2019s first separate the words \u201cfiduciary\u201d and \u201cfinancial advisor.\u201d<\/p>\n<p>A <strong><a href=\"https:\/\/www.paladinregistry.com\/financial-dictionary\/fiduciary?query=fiduciary\" target=\"_blank\" rel=\"noopener noreferrer\">fiduciary<\/a><\/strong> is a person who holds a position of trust. Financial advisor is supposed describe a particular type of professional, but this title is frequently manipulated. When you combine the words fiduciary financial advisor, you are describing a unique financial professional who provides advice and ongoing services for fees.<\/p>\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-69df406a88817\" 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-69df406a88817\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/do-fiduciary-financial-advisors-produce-better-results\/#Fiduciary_Financial_Advisor\" title=\"Fiduciary Financial Advisor\">Fiduciary Financial Advisor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/do-fiduciary-financial-advisors-produce-better-results\/#Non-Fiduciary_Financial_Advisor\" title=\"Non-Fiduciary Financial Advisor\">Non-Fiduciary Financial Advisor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/do-fiduciary-financial-advisors-produce-better-results\/#Types_of_Advice\" title=\"Types of Advice\">Types of Advice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/do-fiduciary-financial-advisors-produce-better-results\/#The_Name_Game\" title=\"The Name Game\">The Name Game<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/do-fiduciary-financial-advisors-produce-better-results\/#Financial_Advisor_Ethics\" title=\"Financial Advisor Ethics\">Financial Advisor Ethics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/do-fiduciary-financial-advisors-produce-better-results\/#What_About_Performance\" title=\"What About Performance?\">What About Performance?<\/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\/do-fiduciary-financial-advisors-produce-better-results\/#Is_There_a_Connection\" title=\"Is There a Connection?\">Is There a Connection?<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Fiduciary_Financial_Advisor\"><\/span><strong>Fiduciary Financial Advisor<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A fiduciary financial advisor holds a particular type of registration \u2013 Registered Investment Advisor (firm) or Investment Advisor Representative (professional) \u2013 that allows them to be compensated with fees for their advice and ongoing services.<\/p>\n<p>Professionals who hold these types of registrations are the <em>real<\/em> financial advisors.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Non-Fiduciary_Financial_Advisor\"><\/span><strong>Non-Fiduciary Financial Advisor<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If advisors are not Investment Advisor Representatives, then they are not fiduciaries. They are sales representatives who have securities licenses that permit them to sell investment products for commission. This type of professional is not allowed to charge fees for their knowledge, recommendations or services. Commissions are their only form of compensation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Types_of_Advice\"><\/span><strong>Types of Advice<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As you may already know, Wall Street has the most powerful sales culture in the country and it is a marketing machine. It employs or licenses more than 650,000 advisors and representatives who sell its products and services. And that is not counting the additional hundreds of thousands who sell insurance products.<\/p>\n<p>Why is this important? The registrations of fiduciary financial advisors permit them to provide financial advice and ongoing services for fees. The licenses of non-fiduciary financial advisors do not allow them to provide ongoing services and charge fees for their knowledge, advice and services, because they are essentially selling something.<\/p>\n<p>In fact, they are not allowed to provide advice. Their licenses limit them to making sales recommendations when they sell investment products.<\/p>\n<p>This opens the door for some Wall Street trickery. Fiduciary advisors provide financial \u201cadvice\u201d for fees. Non-fiduciary advisors make sales \u201crecommendations\u201d for commissions. Wall Street knows that very <strong><a href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/are-you-getting-bad-financial-advice-for-your-life-savings\/\" target=\"_blank\" rel=\"noopener noreferrer\">few people know the key differences between \u201cadvice\u201d and \u201crecommendations.\u201d<\/a><\/strong> However, the differences between these two words is what enables advisors and salespeople to control or influence your investment decisions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Name_Game\"><\/span><strong>The Name Game<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There is another game you should be aware of. Anyone can claim to be a financial advisor, whether it is true or not. Why play the name game? Sales types know that a high percentage of people do not want salespeople investing their assets. So their solution was to change their title to Financial Advisor, Financial Planner, Investment Advisor, etc.<\/p>\n<p>This deception works because most people do not know the critical differences between real fiduciary financial advisors and sales professionals.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Financial_Advisor_Ethics\"><\/span><strong>Financial Advisor Ethics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><a href=\"https:\/\/www.cfp.net\/public-policy\/public-policy-issues\/fiduciary-standard\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">A fiduciary financial advisor is held to the highest ethical standard in the financial service industry.<\/a><\/strong> Fiduciary advisors are required to put their clients\u2019 financial interests ahead of their own. You could say fiduciary financial advisors are more trustworthy because they are held to higher ethical standards.<\/p>\n<p>On the other hand, the non-fiduciary financial advisor (sales representative) is held to a lower ethical standard that is described as suitability. That is, sales reps are supposed to make suitable recommendations, but they are not required to put their clients\u2019 financial interests ahead of their own.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_About_Performance\"><\/span><strong>What About Performance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As you have no doubt determined, fiduciary is more about ethics than the financial knowledge of advisors. That is, a fiduciary financial advisor may be more trustworthy than a non-fiduciary financial advisor, but not necessarily more competent.<\/p>\n<p>Competence is a function of experience, education and legitimate certifications that have substantial curriculums, proctored examinations and continuing education. Be a little careful with certifications. We believe that at least 35 percent of the 260 certifications and designations that are used by advisors are fake. The sponsors have gone out of business or there are no prerequisites, curriculum or testing. Advisors use fake credentials to look more knowledgeable than they really are.<\/p>\n<p>You can easily check an advisor\u2019s credentials for free by using <strong><a href=\"https:\/\/www.paladinregistry.com\/research\/credentials-financial-certifications\" target=\"_blank\" rel=\"noopener noreferrer\">this Paladin tool<\/a><\/strong>.<\/p>\n<p>It takes years of experience for advisors to become real financial experts. Then it takes at least 60 hours per year of study to stay up-to-date.<\/p>\n<p>It is this specialized knowledge that enables fiduciary financial advisors to deliver superior advice and results.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_There_a_Connection\"><\/span><strong>Is There a Connection?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Let\u2019s get back to the original question: Do fiduciary financial advisors produce better results? Is there a connection between the fiduciary status of a financial advisor and the results that are produced by that advisor?<\/p>\n<p>I believe there is. That\u2019s because financial advisors who are serious about their profession and doing what is best for clients are fiduciaries. Taking their profession seriously is what motivates them to commit the extraordinary amount of time it takes to be a real financial expert. And, it is this expertise that enables them to deliver superior financial advice, services and results.<\/p>\n<p><em><a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/jack-waymire\/\" data-rich-text-format-boundary=\"true\">Jack&nbsp;Waymire<\/a> worked in the financial services industry for 28 years before he left to found the Paladin Registry (<a href=\"http:\/\/www.paladinregistry.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">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 data-rich-text-line-break=\"true\">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>When it comes to finding the best financial advisor, I always recommend choosing a fiduciary financial advisor. But do fiduciary financial advisors really produce better results? To answer this question, let\u2019s first separate the words \u201cfiduciary\u201d and \u201cfinancial advisor.\u201d A fiduciary is a person who holds a position of trust. Financial advisor is supposed describe a particular type of professional, but this title is frequently manipulated. When you combine the<\/p>\n","protected":false},"author":2,"featured_media":9263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[325,395],"tags":[],"class_list":["post-9262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisors","category-investing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do Fiduciary Financial Advisors Produce Better Results? - Paladin Registry Blog<\/title>\n<meta name=\"description\" content=\"Fiduciary financial advisors are supposed to be the best, but do they really produce better results? The answer is yes. 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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. The Registry also has a free service that matches investors to advisors who meet Paladin\u2019s minimum requirements for competence and trustworthiness.","sameAs":["https:\/\/www.paladinregistry.com","https:\/\/www.facebook.com\/PaladinRegistry","http:\/\/www.linkedin.com\/in\/jackwaymire","https:\/\/x.com\/PaladinRegistry"],"url":"https:\/\/www.paladinregistry.com\/blog\/author\/jack-waymire\/"}]}},"_links":{"self":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts\/9262"}],"collection":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/comments?post=9262"}],"version-history":[{"count":4,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts\/9262\/revisions"}],"predecessor-version":[{"id":10716,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/posts\/9262\/revisions\/10716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/media\/9263"}],"wp:attachment":[{"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/media?parent=9262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/categories?post=9262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paladinregistry.com\/blog\/wp-json\/wp\/v2\/tags?post=9262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}