The federal regulation that was intended to protect retirement investors from dubious financial advice is in jeopardy. In June 2020, the Department of Labor (DOL) issued a reproposal of the long-debated fiduciary rule that was years in the making. As of the fall of 2020, this revised version is still being debated.
The purpose of the rule is to require financial professionals to act in the best interest of their clients. That might seem like something that isn’t necessary to legislate, but brokers, insurance agents, and others in the financial industry are not held to such a standard. They can recommend investments that promote their employer’s financial bottom line and do not put the interests of their clients first.
To ensure that you are getting the best advice, it’s important that you know which questions to ask a financial planner or financial advisor. By having an in-depth conversation with your future financial professionals, you’ll be able to see if your goals align and if you’ll make a good team together. Whether you’re looking for guidance on developing an investment strategy or need help with estate planning, your potential advisor should be able to confidently talk to you about their services before working on your financial future.
With that being said, knowing exactly what things to ask a financial advisor can be tricky. At Dowling & Yahnke Wealth Advisors, we want to help you prepare for your financial future as much as we can. That’s why we’ve created this guide to suggest key questions for your financial team.
Regardless of what happens to the DOL’s fiduciary rule, you need to ask questions to boost the chances that a financial professional will always act in your best interest. Asking questions can also increase the chances that you’ll find an advisor who will be an excellent fit for your needs.
Still don’t know what to ask your financial advisor? Our team of experts can help! For more tips on financial planning, asset allocation, retirement planning, or investment advice, contact our advisors at D&Y Wealth Advisors today.
To see how D&Y answers these questions, read here.