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Discuss Latest WCI Blog Post: Fiduciary Financial Advisors

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  • Discuss Latest WCI Blog Post: Fiduciary Financial Advisors

    Answering reader questions on student loan repayments, muni bond funds, and helping a parent through retirement. We also discuss who does and who does not have a fiduciary duty to you.

    The post Fiduciary Financial Advisors appeared first on The White Coat Investor - Investing & Personal Finance for Doctors.



    Click here to view the article!
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

  • #2
    Not having a Fiduciary financial planner introduces so many conflicts of interest! Imagine that I'm in the office and someone needs an antibiotic. One brand pays me a commission twice that of another. Which do I use? How long do I resist taking care of my family with more money?
    Any good planner should be willing to sign a Fiduciary Oath and should belong to NAPFA.org which scrubs planners for ethics and a Fiduciary status.

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    • #3
      One point about Fidelity and Vanguard. For your typical retail or benefit account, they offer advisors for planning and portfolio reviews. These can be very very helpful. It is helpful and educational in many ways. Someone that is knowledgeable and can bring some clarity for questions.
      Keep in mind that they are not fiduciaries, they are brokers and offer services. Their employers require them to offer products that benefit them and the employers. I have a CFP assigned to my account. I have never been able to get him to recommend a non-Fidelity product. MF, EFT or an insurance or annuity product. He always refers me to a Fidelity department or suggests a Fidelity product or service. If I want a fiduciary relationship, I can get it but it will cost me more, management or advisor fees. He is honest with me since I ask the question. Why not this? Because I have a suitable alternative. Ask him which one is “better” and he will decline to answer. His objective is to keep the account, provide service and to sell Fidelity products.

      Financial advice from your financial advisor at Fidelity or Vanguard is not fiduciary unless you pay for it. Broker, but a nice salesman.

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