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Working With an Advisor

Understanding fiduciary standards, fee structures, and what to expect from a financial advisor

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What is a fiduciary financial advisor?

A fiduciary is legally required to act in your best interest, not just recommend "suitable" products. This is the highest standard of care in financial services. Registered Investment Advisers (RIAs) are held to this standard. Always ask: "Are you a fiduciary? Will you put that in writing?"

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How do financial advisors get paid?

Financial advisors are paid through fees (percentage of assets, flat fees, or hourly rates), commissions (from selling products), or a combination. Fee-only advisors have fewer conflicts of interest. Always ask about total costs—including fund expense ratios—not just the advisor's fee.

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What should I expect in my first meeting with a financial advisor?

The first meeting is typically a get-to-know-you conversation. Come ready to discuss your goals, concerns, and current financial situation (at whatever level you're comfortable). The advisor should explain their process, fees, and how they can help. This is a two-way evaluation—you're interviewing them as much as they're learning about you.