A change this month in how professionals offering investment advice are regulated has added a layer of confusion to the already murky process of choosing a financial planner and/or an investment advisor.
Beginning Oct. 1, anyone offering investment advice on a fee basis must be a Registered Investment Advisor and function as a fiduciary. That is a far higher standard than the "suitability" standard under which the brokerage industry has traditionally operated. Under that standard, brokers didn't have to do what was in the best interest of their customers. Under the fiduciary standard, the advisor must do what really is best for the client.
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