Fiduciary, Stock Broker, Attorney discussed on Price Financial with Chuck Price

Automatic TRANSCRIPT

And had to do with prudence this person who does this person oh his duty his fiduciary duty now fiduciary duty is like an attorney client that's that's an it fiduciary relationship doctor patient as a fiduciary relationship so it's that kind of relationship where the fiduciary has the duty to look after the best interest of the client and not necessarily the company that the fiduciary worked for law and that's that's the issue and typically speaking the traditional person who is licensed as just a stock broker as ordinarily and has been i think reestablish even more so now had a duty to the company before the cluster mer uh and that raised some real issues of course because then that that would influence perhaps there the type of recommendations that they would make to their customer however i mean i think i but i don't think it's fair to say that that made all brokers bad or all brokers looking after only their best interest for their country's best interest but it all kind of open that door so so that's a you know and and just like any other industry you know there are there are bad eggs and in all of the basket somewhere uh and and the fiduciary responsibility is one that you know is usually that the one that subjects you to get sued if you if you hit bad advice or or improper advice by because you were looking after your own interest as opposed to the interests of of your client uh lawyers have a fiduciary responsibilities to their clients and so uh so that's kind of the one side of it and i can't tell you all the list of you know different certifications and things but i do know that that that what trump does is what i think he's called the you know he's a fight fight a fight do fury and he's a financial planner and he's got in all sorts of letters behind his name uh but i know that he has the fiduciary relationship show gets his his duty to to try to give you his best advice and that that's in your best interest not in his financial interest so that's that's the big difference there are i think you could just ask them you can just say you know what what are your.

Coming up next