By Brad Sherman via Iris.xyz
A year ago the Department of Labor expanded the number of financial advisors required to adhere to the fiduciary standard for retirement asset and accounts. This was clearly good news for investors. Adoption has now been delayed, however, and the future of this consumer protection is not clear.
Fiduciary means “Trust”
The word “Fiduciary” (from a the Latin word for “something inspiring trust”) describes a category of registered independent investment advisors who – like Sherman Wealth – are required to act solely and exclusively in the best interest of their clients. Our decisions are not colored by any expectation of additional income from the products we recommend.
Don’t all advisors work in their clients best interests?
Not necessarily. While it seems obvious that giving you the best advice is what you expect your advisor to do – it’s what you pay them for after all – broker-dealers are not required to operate as fiduciaries.
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