Great question. No, a fiduciary standard still can exist if a financial planner takes a commission. That commission would need to be in the best interest of the client and fully disclosed. Transparency is key! Financial planners are allowed to take a fee while still maintaining a fiduciary duty because the fee structure is not inherently opposed to the concept of acting in the client’s best interest. Fiduciary standards vary greatly. For example, some professionals are guided by FINRA's basic "best interests" rule, while others must adhere to the more stringent standards set by the CFP Board or similar organizations. The level of obligation to act in your best interest can differ among financial advisors.
Yup, need to schedule a call with you guys
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If a financial planner gets paid from commission then doesn't that goes against them being a fiduciary question mark
Great question. No, a fiduciary standard still can exist if a financial planner takes a commission. That commission would need to be in the best interest of the client and fully disclosed. Transparency is key!
Financial planners are allowed to take a fee while still maintaining a fiduciary duty because the fee structure is not inherently opposed to the concept of acting in the client’s best interest.
Fiduciary standards vary greatly. For example, some professionals are guided by FINRA's basic "best interests" rule, while others must adhere to the more stringent standards set by the CFP Board or similar organizations. The level of obligation to act in your best interest can differ among financial advisors.