IvyorthoParticipantStatus: DentistPosts: 4Joined: 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 youAugust 5, 2017 at 9:43 am MST #56884Doctor Money MattersParticipantStatus: PhysicianPosts: 38Joined: 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.comAugust 5, 2017 at 10:14 am MST #56885IvyorthoParticipantStatus: DentistPosts: 4Joined: 08/05/2017
Honestly, I am not sure. is there a way to upload the agreement to this forum?August 5, 2017 at 10:53 am MST #56890jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 7315Joined: 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.
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/ajm184ParticipantStatus: Other ProfessionalPosts: 542Joined: 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.August 5, 2017 at 2:13 pm MST #56900