By Jason Silverberg, CFP^®, CLU^®, ChFC^®

On June 9, 2017, the Department of Labor’s “Fiduciary Rule” went into effect. The rule has caused some confusion on behalf of the investing public as well as the financial services industry. Many financial organizations are still trying to interpret the rule and to create systems that address the concerns put forth in the rule. At this point, the ultimate deadline to comply with the rule is January 1, 2018, so we’ll be sure to see more changes coming soon.

So, why does it matter that your advisor is a fiduciary? Well, you want to be sure that the advice you’re receiving is truly in your best interest over the long run and not necessarily in the advisors. One of the main reasons why you chose to work with an advisor, to begin with, is to get advice that will help improve your financial situation. How can you be assured that the advice will, in fact, improve your situation if you aren’t sure if the advisor has your best interest at heart?

It all boils down to trust. Building and establishing trust takes time and proof that your advisor will be your advocate. Hiring an advisor that is a fiduciary might give you a sense of security that you’re on the right path toward establishing trust.

Whether you’re interviewing your first advisor, your next advisor, or just want to evaluate your current one, trustworthiness and acting as a fiduciary are just a couple of the top items to consider. Click here to download the Financial Planner Interview Checklist with more common criteria. The checklist also contains some potential “red flags,” that once you encounter them, might make you want to run the other way.

At the end of the day, choosing a financial advisor is a very important decision. There are many different types of advisors and planners, so you’ll want to select on that’s the right fit for you. Your advisor will help you achieve your financial dreams and goals, so it’s critical that you have a relationship cemented with a foundation of trust and security.

In my book, The Financial Planning Puzzle, I go into more depth on the three different types of financial planners and how to select the right one for you. You’ll learn about this as well as many other financial concepts that will help you along your financial journey.

And if you haven’t yet hired an advisor or you’re interested in a second opinion, interview us! We know that life is ever evolving and can help you plan for each of life’s stages. We are committed to providing fiduciary advice and strive to be your financial advisor for life!

Let’s grab coffee to see if it makes sense for us to work together. Our first meeting is on us, so give us a call at 301-610-0071 or email me at Jason@finadvinc.com to schedule some time.

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Jason Silverberg CFP^®, CLU^®, ChFC^®, specializes in compressive financial planning. His practice aims at helping families and small business owners to fit their financial pieces together to create financial freedom. He uses a values-based process to connect with his clients on a deeper level than some advisors, diving into the why behind the numbers. He focuses on helping clients achieve and protect their goals through methodical investment strategies and calculated risk management and insurance solutions. Jason is a registered representative and investment advisor representative of Securian Financial Services, Inc. Member FINRA/SIPC. Financial Advantage Associates is independently owned and operated.

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