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gerryborn

Fiduciary Vs. Suitability Responsibility

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Which of these responsibilities does a "financial advisor" have? One, both, or neither? Any links to articles or info would be great.

 

Thanks

Gerry

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Which of these responsibilities does a "financial advisor" have? One, both, or neither? Any links to articles or info would be great.

 

Thanks

Gerry

Assuming your definition of "financial advisor" is: a person or firm that earns a commission from a B/D for a securities transaction executed on behalf of a customer. This person/firm is not a fiduciary but must be assured that the transaction is "suitable" for the client based on the client's station in life. If on the other hand the person/firm is a Registered Investment Advisor then the person/firm is a fiduciary to the client and as such must be assured that the recommended transaction is suitable for the client based on the client's station in life.

 

The www has many many articles on this topic.

 

Peace and Hope,

Joel

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