LarkspurRixtrema
Expert
- 31
I would argue that this is a great rule and I would love to have an advisor who would assure me that they are bound by it by acting in my best interest. If we look at the significance of being a fiduciary then it becomes clear how important this rule is for anyone who is looking for professional advice regarding financial matters. For example, these responsibilities include:
Read more: Why Having a Fiduciary Process In Place Is Important
- Acting solely in the interest of clients and their beneficiaries and with the exclusive purpose of providing benefits to them;
- Carrying out their duties prudently;
- Following proper filing procedures;
- Recommending ‘suitable’ investments that meet risk/return expectations of the client;
- Clearly spelling out the compensation associate with the services provided.
Read more: Why Having a Fiduciary Process In Place Is Important