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Broker or Fiduciary?

At some point in your life you may have the mis-fortune to require a financial planner. This is not as great a misfortune as having to require a lawyer, but still ...  One interesting tidbit of information is to inform yourself of the difference between a broker and a fiduciary. The short of it is that:

  • A broker is free to sell you stuff regardless of whether it is financially healthy to you - they are usually paid off commission and that depends on how much stuff they can get you to buy
  • A fiduciary is required to act in your best interests and receive compensation independent of what financial decisions you make.

An interesting website is https://brokercheck.finra.org where you can get the employment and educational history of a financial advisor.


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