FIDUCIARY DUTY. Simply put, financial planners are expected or required to act as Fiduciary’s for their clients, meaning, putting the client’s needs first. Pay careful attention to your advisor, and get this in writing. Some credentials do not require that planners or sellers of investment products to adhere to this standard. Know to ask. Alternatively, some sellers/agents sell only a product that fits the ‘suitability’ standard. This, my friends, opens the floodgates for conflicts of interest. A bit controversy is in the area of insurance products, i.e., annuities. Make sure you thoroughly understand the pros and cons of these products beginning with whether you need one in the first place.
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