By Worawut @ Adobe Stock
When it comes to choosing an investment advisor, your first task is to find a fiduciary. A fiduciary is a simple term to define—one required by law to make the best investment decisions for you based on the information available. With all the fancy titles out there all you need to do is ask: Are you a fiduciary?
- Get the Investment Counsel You Deserve with a Fiduciary
- Are You Working with a Fiduciary?
- Independent Counsel: Are You Working with a Fiduciary?
- Are You Working with a Fiduciary?
- Always Work with a Fiduciary
You would think it’s a simple answer. But it is not. Many advisors follow a simple suitability standard and hide behind it, pushing investors into their own higher-fee products. There’s more wiggle room with the suitability standard. I don’t want that for you.
The next item on your simple advisor checklist is making sure your advisor works with a third party to custody your assets. As you know, I like Fidelity Investments, but no custodian is perfect. Fidelity is not a bank, and that’s a good first step. You’re not forced to participate in the fractional banking system, allowing your money to be lent to the public.
Last and certainly not least on your checklist is finding someone who spends the time to listen to you and to keep in touch with you. You want someone who is interested in your situation and knows that your objectives may change here and there, but mostly, it’s about making sure we’re all rowing in the same direction.
Action Line: When you’re ready to talk, let’s talk. I’m a serious listener. Email me at ejsmith@yoursurvivalguy.com.
Originally posted on Your Survival Guy.
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