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Financial Advisor client agreement

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  • Avatar Ivyortho 
    Participant
    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:

    https://en.wikipedia.org/wiki/Registered_Investment_Adviser

     

    So is this the standard?

    Thank you

    #56884 Reply
    Doctor Money Matters Doctor Money Matters 
    Participant
    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
    http://www.doctormoneymatters.com

    #56885 Reply
    Avatar Ivyortho 
    Participant
    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 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 6919
    Joined: 01/09/2016
    Earnest refinancing bonus

    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.

    Attachments:
    You must be logged in to view attached files.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #56893 Reply
    Avatar ajm184 
    Participant
    Status: Other Professional
    Posts: 512
    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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