Is your “financial advisor” subject to the new Department of Labor Conflict of Interest in Retirement Plans and Fiduciary rules?

Have you asked them the following questions:

Do you consider yourself a fiduciary?

• If not, why not?
• Are you willing to act as a fiduciary with a duty to act solely on my behalf?
• Are you willing to disclose to me any conflicts of interest that may interfere with your acting solely on my behalf?
• Are you willing to put this commitment in writing?

How are you compensated?

• Do you earn fees or commissions based on the number of products that I buy or the size of my investment?
• Will you earn a higher fee or other type of compensation if I invest in certain products you recommend or will you receive fees for services related to specific investment products?
• Will you provide a list of the fees and commissions you receive either directly from me or from other sources in writing?

Are you a licensed or registered investment adviser?

• Are you registered with the State, U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or the Certified Financial Planner Board of Standards, Inc. (CFP Board)?
• For how long? What is your experience?
• Who supervises you, or, are you a sole practitioner?
• If a sole practitioner, do you have professional liability insurance?
• Have you (or your firm) ever been disciplined? For what?

I can help you determine whether YOUR “financial advisor” is your fiduciary?

And if you suspect that your financial advisor is not acting in your best interest, or have been harmed by a recommendation that they have made, let’s discuss what might be done to help you.

Call me at 310-570-2399 or email me at gregory[@]rutchik.com