Financial Advisor client agreement

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  • Avatar Ivyortho 
    Status: Dentist
    Posts: 4
    Joined: 08/05/2017

    Hi, guys. First-time posting here!

    I am about to sign a client agreement with a financial advisor. After going through the agreement I don’t see a section specifically mentioning that he is going to act as a fiduciary. When I asked him about it, he mentioned that the fiduciary standard is implied and the agreement was drafted by a compliance group and he sent me this link which mentions that an investment advisor (IA) must adhere to a fiduciary standard of care laid out in the US Investment Advisers Act of 1940:


    So is this the standard?

    Thank you

    #56884 Reply
    Doctor Money Matters Doctor Money Matters 
    Status: Physician
    Posts: 38
    Joined: 07/18/2017

    Seems a bit sketchy to me. Most of the ones who are fiduciaries really promote that part, so I would be wary. I may be wrong, but I would find someone else.

    Doctor Money Matters. A financial podcast for physicians. iTunes/Google Play

    #56885 Reply
    Avatar Ivyortho 
    Status: Dentist
    Posts: 4
    Joined: 08/05/2017

    Honestly, I am not sure. is there a way to upload the agreement to this forum?

    #56890 Reply
    jfoxcpacfp jfoxcpacfp 
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7315
    Joined: 01/09/2016

    You need to ask him to sign a statement that he will act as a fiduciary in all matters pertaining to your relationship. The attached NAPFA form, NAPFA Comparison Tool, has a questionnaire to take to your next appointment, along with a Fiduciary Oath on page 4 for your advisor to sign. If you don’t want to use the whole questionnaire, just type out the oath and ask him to sign a copy to keep with your files. This will give you the answer you seek.

    You must be logged in to view attached files.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555

    #56893 Reply
    Avatar ajm184 
    Status: Other Professional
    Posts: 542
    Joined: 07/14/2017

    Please say this ‘agreement’ is not with Edward Jones.  I would also be a bit wary of ‘implied’.  If you want to stick around, you maybe able to do it yourself and avoid the expense of a financial adviser.

    #56900 Reply

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