What’s Next for the Best Interest Economy?

  1. If you are a fiduciary who is duty bound to act in the best interests of your clients, you have no conflicts in the advice you give, and you will earn level fees regardless of the choices you make or that your clients make, you are free to call yourself a financial advisor.
  2. If you are a salesperson who owes no such duty to clients, or will earn variable compensation based on which product is selected, you can’t call yourself an advisor or adviser. You can call yourself a salesperson, a representative, or a financial consultant. But you can’t hold yourself out as an advisor to that investor — it’s false advertising.
  3. Both of these financial professionals have a one-page agreement in large type that reads like this and is signed by both parties.

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Aaron Klein

Aaron Klein

@Riskalyze CEO. Adoption + Orphan Advocate. Husband and dad striving to live Isaiah 1:17.