Ensure you're getting the standard of care you deserve.
Not all financial guidance is the same. Recognizing the difference between the fiduciary and suitability standard of service can help you better understand where your financial advice is coming from.
Broker:
The Suitability Standard
Brokers offer products carried by the company he or she represents. Brokers are paid a commission based on a percentage of the amount of money clients invest into each product.
Advisor:
The Fiduciary Standard
Financial advisors are required by law to make recommendations that are in the best interest of the client. That means the products they recommend must not only be simply suitable, but the best product for the client’s financial situation. Advisors are paid a quarterly fee based on a percentage of the assets they manage.
» Read this article to better understand the differences between the fiduciary and suitability standards.
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