Fiduciary or Not?
Is your financial services representative acting as a fiduciary on your behalf?
A Fiduciary is a trusted professional that is required by law to put your best interests first, always. On the contrary, a ‘non-fiduciary’ representative can recommend investments and services with higher fees, riskier features, and lower returns simply because they might earn more money, even if those solutions are not the best choice for you.
Type of Professional Generally a Fiduciary?
|Insurance (Annuity) Salesperson||✔|
|Call Center Employee||✔|
|Certified Financial Planner™ (CFP®)||✔|
|CPA delivering personal financial planning||✔|
|Financial Planner, Financial Advisor, Wealth Manager, or similar title||✔|
|Registered Investment Advisor (RIA)||✔|
|Anyone providing investment advice to retirement plan covered by ERISA||✔|
 Certified Financial Planner (CFP)- Probably, depends on the scope of engagement.
 Maybe, but oftentimes not.