A Fiduciary Advisor
Search the web on “Why do Brokerage firms resist Fiduciary Duty?”
We think investors should know the significant difference between sales people giving financial advice in the process of selling products (not legally obliged to do what is in the best interest of the client) and registered investment advisors who are held to a strict Fiduciary Duty standard (has to advise what is in the best interest of the client).
If you have the choice between a fiduciary advisor (like Janiczek Wealth Management) and a non-fiduciary salesperson (like a broker at a brokerage firm), why would you even consider the salesperson who is not obliged to do what is in your best interest?
Confused about what type of advisor you are considering? Look at their business card and website carefully. If it says, “Securities offered through….” that individual is a registered representative licensed to sell financial products and your radar should go up with a buyer beware sense of caution. In such case, what is “recommended”, can be translated back to “what is being sold to you for a commission.” In fact, that salesperson may have other incentives, such as a free trip, behind the “recommendation.”
We are strong advocates of 100% fiduciary (legally required to do what is in your best interest 100% of the time), 100% fee-only (no sales of products, earning of commissions) advisors who are registered as an investment advisor with the Securities and Exchange Commission (SEC).