The "F" Word
We want to tell you about the "F" word. No not that one…"Fiduciary". Fiduciary is a fancy legal term that means you LEGALLY have to do what is in the best interest for someone in your care. For instance, attorneys to their clients, doctors to their patients, guardian to his ward, or a priest to his parishioner.
Did you know it is estimated that 90% of financial advisors are NOT Fiduciaries?!?! This means they can legally put their own interests ahead of yours! They can sell you the product that is going to get them the biggest paycheck or a bonus trip to Hawaii without regard to whether it is best for you.
Can you imagine having cancer and your doctor telling you to take an aspirin (because the aspirin company is going to give him $100k if he gets all his patients to take them)? You would be beside yourself! Yet the equivalent is happening in the financial services industry, many are getting advice that is not in their best interest!
Below is a recent article in Forbes Magazine outlining the questions your family and friends should be asking their advisors. Please pass it along to protect them.
Here at Vawter Financial, all of our advisors have signed a Fiduciary Agreement to only do what is in your best interest! Don’t keep us a secret!
Link to Article.