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For non-fiduciary financial advisors, recommendations may only need to be suitable , not necessarily in the client’s best interest. Hybrid firms can switch between their status as a registered investmentadvisor and brokerage, which can be problematic for individuals seeking unbiased financial advice.
Fee-only financial advisors are often registered investmentadvisors too, meaning they have a legal duty to act in the clients best interest. This fiduciaryduty is a cornerstone of their practice, providing clients with the confidence that their financial advisor is working solely for them.
When you are named a fiduciary , you are required by law to manage the person’s money and property for their benefit, not yours. An important distinction is the difference between the suitability standard and fiduciary standard. At Walkner Condon, all of our advisors are fiduciaries for our clients.
Certified Financial Planner (CFP) . One of the best financial advisors available, CFPs earn board certification that represents their intensive training, commitment to observing ethical standards, and dedication to putting clients first. Registered InvestmentAdvisor (RIA) .
How InvestmentAdvisors Play an Important Role? Navigating the complexities of the investment world can be challenging. Many people often wonder how best to position their investments to meet long-term financial goals. These professionals offer investment advice based on comprehensive research and deep industry knowledge.
CFP ® , Director of Consumer Investment Research Being a fiduciary is holding a duty to a client that a financial advisor will act in the best interests of the client rather than the best interests of the advisor, the advisor’s employer, or any other entity. This may sound simple.
When you are named a fiduciary, you are required by law to manage the person’s money and property for their benefit, not yours. An important distinction is the difference between the suitability standard and fiduciary standard. At Walkner Condon, all of our advisors are fiduciaries for our clients.
Unchecked conflict of interest can ruin your investment returns. Click here to read more about how investmentadvisors’ conflict of interest is dangerous for you. Fiduciaryduty should be on the top of the mind of any genuine adviser.
Do advisors breach fiduciaryduty when they fail to recommend annuities? Should those with only insurance licenses that allow them to sell annuities and/or life insurance be held to the same “fiduciary standard” as Registered Investment Advisers (RIAs) with the SEC or state regulators?
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