Believe it or not, anyone can call themselves a financial advisor, regardless of education, knowledge, or experience. Sounds crazy, right?
On top of that, most financial advisors are not required by law to always work in the best interests of their clients. This legal obligation to put a client’s best interests first is known as a fiduciary duty.
Why aren’t financial professionals required to be a fiduciary for their clients at all times? Well, it’s complicated, involves years of history, and boatloads of lobbying dollars. However, because of this, it’s up to you to do your homework before hiring one.
Choosing a financial advisor is one of the biggest financial decisions you’ll make. Here are seven questions to ask before hiring a financial advisor that you wouldn’t typically find in the financial press.
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