Does your Advisor have the right incentives?
Most people would hope that the person they have chosen to trust with their security, future, retirement and family livelihood would have their family’s interest as a priority. Sadly for many families this is not the case.
Financial Advisors, Wealth Managers, and other terms commonly used for Financial Brokers and Dealers often are compensated based on commission. This means they are paid based on every dollar you choose to trust with them. What does this mean for you?
Based on their regulatory standards they can sell any product that is ‘suitable’ for you needs. That DOES NOT mean that this product is going to be in your best interest.
How can I make sure that the person I’m trusting with my Financial Future has my best interest in mind? Make it a legality.
For those who have a fiduciary standard (such as those with a CFP® Designation) must act in your best interest. This standard legally binds the Advisor to act in you and your families best interest.