Fiduciary, Advisor, Mythbusters discussed on Rodney Harrison

Automatic TRANSCRIPT

Maybe time to upgrade your financial adviser. But how do you know, it's actually time as I mentioned earlier is there. A check engine light the pops on like in your vehicle when you know, you need it. Well, interestingly there are. And I'm gonna give you today on Mythbusters with keystone wealth partners, the four indicators that you need a different adviser. And so the first indicator that may be time to upgrade your financial adviser is if they are not a fiduciary now, what am I talking about? We've heard this word. Nobody was very familiar with it. Then the department of labor came out with this Bill that wanted to require all advisors who were helping. Clients on IRA's and four one ks in any sort of retirement account that they would have to be fiduciaries, and it became very important and advisors who really weren't legitimate fiduciary started saying, wow, this is important. My clients are asking me, but here's the best way to find out. Whether an advisor has your best interests at heart is to simply ask are. You a fiduciary this is the single most important question you can ask because if you don't get a straight. Yes. Or no answer. That's a sure sign something isn't right guy feel strongly that investors should work only with Sheri's who are fiduciaries all the time not selling products on behalf of their broker dealers. Some of the time and by the way, I should've already said this. What is a fiduciary? If new Sherry is simply someone who is legally bound to put your best interests ahead of their own. And if you're wondering to yourself, well, that seems pretty obvious for someone who's going to if I'm going to go get advice on my entire life. Savings and ask someone what I should do with everything I've saved isn't it sort of assumed that they're going to. To have to put my best interest of their own. You would think so, but the majority of financial advisers still in operation right now are not required to do that in the same way an attorney received would be and so you should demand this because if they're not held to a fiduciary standard of care like most advisers, are it means they just have to sell you products that are reasonable. That are crazy and the easiest way because many advisors now know that this is important. So they will say, yes, I'm a fiduciary and clients come in. And they say, you know, John, I need a second opinion at like a second look at what we're doing here. My adviser told me they were fiduciary. But then they sold me this variable annuity, and they did this other. I don't think it was as a fiduciary. And so basically, they occasionally open accounts that are charging fees and are able to say, yeah, I'm a fiduciary because they do sometimes act in that manner. But the problem is they wear two hats, which is more dangerous to be honest than somebody who just says, I'm not a fiduciary. And so the easiest thing to do is go to a registered investment advisor. Iser are I we at keystone were an RA. We don't have a broker dealer. We don't take commissions. We dropped our licenses all of us are reform brokers from banks and broker dealer. We dropped our licenses that we hung at broker dealers that allowed us to take commissions on security sales. So these easiest thing I mean, look at your current advisors business card does the bottom of it say registered Representative of XYZ securities because if it does that right there tells you that they do not always act as a fiduciary and using and under a fiduciary standard of care. It means there are registered Representative of XYZ securities, and they sell products on behalf of that company that they work for under a suitability standard of care. So think about it. I mean, if you're not going to do this on your own and you want to get advice. Don't you wanna make darn sure that where you get advice? From is somebody who has your best interests in mind who is legally held to a standard of care that requires them to put your best interests ahead of theirs. I mean that should be a given. And I know you may like your current. Visor, and they may take you golfing, and they go to your church, or whatever it may be. But if they are not one hundred percent of the time a fiduciary operating under your best interest. Legally the whole entire foundation of the relationship is broken. And we wonder why the S and P five hundred made over ten percent a year for the last thirty years and the average investor according to dalbar has barely outpaced inflation. I mean, the average Americans barely outpaced three and a half percent a year while the simplest lowest cost anyone could have done it strategy earned over ten. Why will you start wondering? Well, where are we getting advice from because good advice? I mean that shouldn't happen where we're getting good advice are even getting advice from someone who is required to put our interests ahead of their own. The data shows us that the majority of us are not that's a huge problem. So the first sign that it may be time to upgrade your financial adviser is if they are not a fiduciary one hundred percent of the time are they a registered investment adviser asked them for form ADD, and if they can't produce it just don't even walk just run the other direction. And if you're not sure where to turn, you know, that you're person's not to share you hundred of the time, you're kind of thinking, they're probably not. And you just want a second opinion, we've done that for hundreds of people just like you hear keystone wealth partners. We are a group of reformed brokers between us and keystone law firm. We have almost thirty people on our team offices and Chandler's while Scottsdale and our objective through our retirement view is to give you an honest second opinion of exactly where you stand with your money..

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