Financial Advisor client agreement

[Ivyortho]

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:

https://en.wikipedia.org/wiki/Registered_Investment_Adviser

 

So is this the standard?

Thank you

[Doctor Money Matters]

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.

[Ivyortho]

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

[jfoxcpacfp]

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.

[ajm184]

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.