Suze Orman says most Americans have the “wrong, wrong, wrong” idea when they choose a financial adviser.
In her latest blog post, the personal finance guru cites a 2017 survey that found 53% of Americans believe financial advisers are required by law to put their clients’ best interests ahead of everything else when they give retirement advice.
But that’s not the case.
“Only advisers who operate as fiduciaries are promising to always put the client’s interest first,” Orman explains.
Retirement planning is complicated, and getting help is a smart decision. But you want help you can trust. So when you pick a financial adviser, you’d better find a fiduciary, she says, meaning an adviser who’s looking out for you.
Why finding a fiduciary is key
A rule proposed in Washington a few years ago would have required all advisers to meet the fiduciary standard and avoid conflicts of interest, like