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Legal definition of the fiduciary standard To quote directly from a paper by Attorney Lorna Schnase , two bodies of law form the legal basis for the fiduciary standard: Common law: Under common law principles of agency, an investment adviser, as agent, owes fiduciaryduties to its client, as principal.3
He is a flat fee advisor; not a licensed insurance agent. With annuities now being able to be offered in 401k plans, the playing field has changed. Fee only advisors can now purchase annuities for their clients without having to be licensed agents. Do advisors breach fiduciaryduty when they fail to recommend annuities?
Unlike the average investor or other financial professionals, a CFP is a licensed expert in areas like estate planning, taxes, retirement, insurance, and investmentplanning. Equally important for sustaining their license is the professional conduct of the CFP, which is subjected to great scrutiny by the Board.
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Fiduciary Duty 
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