I ain’t afraid of the DOL!

There has been a lot of talk surrounding the Department of Labor’s new fiduciary rules.  The gist of the whole thing is the fact that financial advisors will have to act as fiduciaries, meaning that they have to put their client’s interests first before their own.

Wait a minute.   Isn’t that a financial professional is supposed to be doing?

This is why we are in business. We are here to assist our clients in pursuing their goals and reaching for their dreams.

As a Certified Financial Planner, I am held to a fiduciary standard.  This is about you and not me.  I was taught that if I did the right thing for my clients, that the money would come to me.  I will disclose to you what my compensation is.  There are no secrets.  You should understand what my motivation is.

Sometimes your best course of action is to do something that I don’t get compensated for.  If you are truly working with a fiduciary, they will help guide you to this decision.

There are also firms out there today that claim to be fee-only firms….. when you are working with one of their entities on the investment management side.  But when you deal with their non-securities licensed insurance company, they are working commissioned based with products that can have 16yr surrender charges and pay the representative double-digit commissions.  16 years is a ridiculously long time to tie money up.

This is why the DOL is looking to make these changes.

If you are working with the right advisor….not financial representative….then you won’t notice any changes.  If you are working with the wrong representative….there might be a new name on your statement soon when they are no longer in business.

So, if you think your advisor may be inadequately prepared for these DOL changes, contact a Wealthnest CERTIFIED FINANCIAL PLANNER today for a free financial physical today. 480-699-5275 or visit us at www.wealthnest.com.


*The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual