CFA Society of Orlando: Investors First Podcast 40: Tamar Frankel: State of the Union with the Godmother of Fiduciary hosted by Colby Donovan and Chris Cannon, CFA
…….check for advisors who are regulated as fiduciaries because they are required by law to look out for their clients’ best interests.
Investors need to ask a financial advisor if they work as a fiduciary at all times. Also, ask your advisors to sign a “Fiduciary Oath” drafted by the Committee For The Fiduciary Standard to make sure that they meet the five core fiduciary principles.
…….Do you need help managing your money? If you’re like many Americans, you might need a hand. According to the National Financial Education Council, a lack of personal finance knowledge costs the average American $1,200 a year.
The only financial planner or investment manager that can offer truly objective advice is an independent advisor operating under a strict Fee-Only compensation model.
….the point of being a NAPFA-registered financial advisor is to guarantee holistic services on a fee-only basis. This eliminates the incentive to sell products for high commissions, ensuring unbiased advice.
When you visit a pediatrician, you know she graduated from medical school and completed additional specialized training. When you do business with a lawyer, you know he has a law degree. When you send your child to school, you are certain the teacher is state-certified and meets state-mandated continuing education requirements.
…….if you haven't asked your financial advisor how they are being compensated, now is the time to ask……
