Is a financial advisor a fiduciary?

Remember that financial advisor is a generic term with no legal definition. Anyone can call themselves a financial advisor, so you may come across a financial advisor who is held to no legal standard or a lower standard than the fiduciary one. Some financial advisors, including brokers, are held to the suitability standard.

Who is a fiduciary?

Fiduciary usually refers to someone who manages assets on behalf of an individual, a family, a company or any other entity. In addition to a banker or financial advisor, this person could be an accountant, executor, trustee or board member. In theory, a fiduciary can be anyone to whom you delegate your personal, legal or financial choices.

What makes a fiduciary financial planner different from other financial advisors?

What sets fiduciary planners and fiduciary advisors apart from other financial advisors is their unwavering commitment to acting in the best interests of their clients. Fiduciary financial planners generally take a more holistic and hands-on approach to managing their client’s assets than other financial advisors.