Financial services titles have never been consistent, and that's exactly the point our Managing Principal, Daren Blonski, makes in U.S. News & World Report's article, "What Is a Financial Consultant?" Daren says the industry has a long history of playing semantics with titles for financial professionals, whether someone calls themselves a consultant, advisor, or planner doesn't tell you much on its own. What actually matters, he says, is whether they're willing to serve as your fiduciary. "If they are not willing to serve in a fiduciary capacity to you, then what they call themselves is meaningless and you should walk away," he says.
Key Takeaways
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Titles like financial consultant, advisor, and planner aren't regulated or standardized, so the label alone doesn't tell you much about someone's qualifications.
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The fiduciary standard, meaning someone is legally required to act in your best interest, is a far more useful filter than any job title.
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If a financial professional won't commit to a fiduciary standard, that's a clear signal to walk away, regardless of what they call themselves.
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Since the industry doesn't police these titles itself, the responsibility falls on investors to ask directly about fiduciary status before signing on with anyone.
This distinction, fiduciary or not, is exactly why we operate the way we do. Learn more on our About Us page.
Read the full article, "What Is a Financial Consultant?" on U.S. News & World Report