Your Money Matters: How to know if your financial advisor is a Fiduciary

Our financial expert says there is a way you can tell if your working with someone who has your best financial interest in mind.

Posted: Jun 1, 2021 11:40 PM

LAFAYETTE, Ind. (WLFI)-Is your financial adviser a Fiduciary? Or are they just trying to sell you a product? Our financial expert says there is a way you can tell if your working with someone who has your best financial interest in mind.

"They are client-focused and they are focused on giving the best advice and some people even have a license that means by law they have to act in the client's best interest," said Master Register Consultant Nick Royer. 

That license that a Fiduciary has is called an Investment advisory license.

"The license is saying you have to act in the best interest of this person or you lose your license and they pass a test so they act as a Fiduciary," said Royer.

However, if they don't have that license, Royer says there are some tactics you, as a client, can pick up on.

"They are focused on the sale their goal is to sell a product and sometimes they will even call themselves financial advisers but literally what they do is they just look at the product," said Royer. 

That's why Royer says it's important your financial adviser is looking at all aspects of your financial health.

"They are not just saying, 'I am going to look at this one piece oh you have money let me invest it for you.' They are going to look at all the other stuff that can get you into financial trouble and make sure that there is a plan to avoid those things too," added Royer. 

There are some Fiduciary advisors who charge a fee for advice or investment. But Royer says if they have their Investment Advisory License, they are obligated to act in their client's best interest.

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