0006. What Is A Fiduciary?

Financial Independence Now

In this episode, we dive into the often-misunderstood world of financial advisors, and the distinction between fiduciary and non-fiduciary advisors. In this eye-opening presentation, we will help you to understand the very important differences between these two groups, and why recognizing those differences is so very important to you.

We will provide you with the details that differentiate fiduciary advisors from their broker-dealer counterparts and their standards of care. For example, broker-dealer advisors are held to the standard of “Suitability”. Most people think they know what suitability means, but they really do not. In this podcast, we will explain suitability in detail, and you will likely be very surprised with what you will learn. Fiduciaries are held to the standard of “Best Interest”. That is a legal term that requires a fiduciary to give advice that is always in their client’s best interest.

We will also explain how some advisors operate both as a fiduciary and a non-fiduciary advisor, and why that type of arrangement is potentially very problematic to you. By the end of the episode, you'll have a clear understanding of all these relationships and how to pick the right advisor.

Topics Discussed:

- Definition of a fiduciary

- Numbers of fiduciaries vs. broker-dealers

- Responsibilities of broker-dealers

- Standards of care for fiduciaries and broker-dealers

- Dual-licensed advisors

- How to identify fully independent fiduciary investment advisors

We hope you enjoyed listening to this episode and learned something that you can apply to your life starting now. If you got value out of this episode, please share it with a friend! Tell your podcast streaming host, iTunes, or whichever streaming service you use, that you enjoyed what you heard in this podcast, and you valued the information we shared. Then give us your 5-Star rating, so we can connect with more people just like you.

If you have any comments or questions about this episode, we would love to hear from you. Email us at [e-mail] or connect with us on Facebook https://www.facebook.com/groups/financialindependencenowpodcast

Also, remember to visit our website LifetimeParadigm.com. There you will find links to our past podcast episodes, webinars, and educational articles. You will also find notices of our upcoming events both live and online. All the information is 100% free and available to you 24/7.

Finally, be sure to subscribe to our newsletters which are stuffed with great ideas on how to: save and invest, reduce the taxes you pay, protect yourself from lawsuits, and, of course, more information on ways to become Financially Independent, Now!