Someone Who Calls Themselves A Financial Advisor Should Be Held To An Extremely High Standard
Imagine This Scenario
You decide to interview a financial advisor to hire, and this conversation takes place:
I want to help you achieve your financial goals, but I don’t want to be legally required to place your interests above mine because that would be too cumbersome for me to implement and my compensation may be diminished. There may be conflicts of interest that arise from time to time, but I will not disclose them to you. In addition, I don’t want to assume the additional liability that comes with a fiduciary standard. But, I will do my best to help you.
Yes, this is crazy. Behind the scenes this is how advisors who don't adhere to a "fee-only" fiduciary standard of care behave. Don't be fooled by the "fee-based" label. Think of it as commission compensation disguised as advice.
Your Doctor Doesn't Sell You Medicine, Do They?
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