Page 31 - Ready Set Retire

Ready. Set. Retire!

Ready Step 2: Find a Fiduciary

A s an Investment Advisor Representative (IAR)
with a series 65 securities license, I hold a fiduciary
duty to you. This means I am legally bound to put
your interests above those of anyone else, including my own.

Now you might reasonably think that anyone offering financial
advice to clients must be a fiduciary. Sadly, you’d be wrong.
Some estimates claim that only 15% of advisors have a
fiduciary responsibility. The Paladin Registry puts the number
even lower, estimating that just one in 12 (8.3%) advisors have
fiduciary responsibility.

Mostly, stockbrokers (also called “Registered
Representatives,” “Account Executives,” “Financial Advisors”
or “Wealth Managers”) are not fiduciaries, even though they
may portray themselves as full-service investment advisors. If
your stockbroker/registered representative/account
executive/financial advisor/wealth manager holds a series 7, 6
or 63 securities license, then it’s probable they aren’t a
fiduciary.

Being a fiduciary is a legal distinction. A Registered Investment
Advisor (RIA) or Investment Advisor Representative (IAR)
who holds a series 65 securities license subject to the

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