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Financial Advisor client agreement

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  • Financial Advisor client agreement

    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 you

  • #2
    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.


    • #3
      Honestly, I am not sure. is there a way to upload the agreement to this forum?


      • #4
        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.
        Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087


        • #5
          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.