What are we all working so hard for? Obviously, to have a good life. The next question that follows is what constitutes a good life? The ability to have a debt-free life with enough financial cushioning to not only take care of the present needs, college education of the children, and also vacations but also to be able to have a comfortable retirement with enough money to cover all medical needs.
Let us accept the fact that not all of us are financially savvy. There is a majority of us who need help from financial advisors to plan our finances in a profitable manner to meet all the above-mentioned needs. Only when you have sound financial advice can you hope to achieve your financial goals. And this is possible only when your financial advisor has your best interests at heart. The fees and commission that you pay an adviser must be worth the service rendered. This has greater prominence now that the new rule states that all financial advisors must as a “Fiduciaries.”
What is the Fiduciary rule?
This rule simply states that all financial professionals must place the interests of their client ahead of their own personal benefits. This means that your advisor must guide you in choosing not only products that are suitable to your needs but must also be economical and cost-effective; they must not be guided by their personal interest of receiving higher commissions or fees.
The advantages of the rule
According to a recent analysis, an investor can lose up to $1.9 billion each month if financial professionals do not work in their best interests. From the financial advisors’ perspective, the rule is not beneficial because it will increase their costs since they have to comply with the new rules and regulations. It is believed that this new rule will cost the financial industry $ 2.4 billion.
Questions to ask your financial advisor
So, as an investor, if you want to protect yourself then you must ensure that your advisor is a fiduciary. Do not hesitate to ask this question, it is your right to know. You must be clear at the outset about how your investment works, who will benefit from it, how much money the advisor will make, what are the other investments in the same range and finally if the advisor is committed to your wellbeing. Getting a second opinion when in doubt is not a bad decision at all.
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