How do you know when you’re working with a fiduciary—someone who by law is required to do right by you? Well, you can ask. But with all the big fancy titles out there, it’s hard to know whom to believe. One recommendation I like to give to prospective clients is, get it in writing. Ask for a copy of the ADV-II to see if your “wealth” adviser is actually registered as a fiduciary with the SEC.
Action Line: There’s a lot of wiggle room with titles. Make sure you’re getting what you thought you were signing up for.