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July 8, 2013

Gambling with your retirement nest egg

(Continued)

The program made clear the fact that all advisors do not operate under the same standard of care and the type of advisor you work with can have big implications for your finances primarily as a consequence of the types and costs of the investment recommendations made.

The term “financial advisor” is broadly applied not only to registered investment advisors, who are fiduciaries and are mandated to place the client’s best interest ahead of all others, but also to salespeople who are not required to operate under such a fiduciary mandate.

Under current laws, it is again the responsibility of the investor to understand the distinction between the two and select the one who will better serve them. The principle of “buyer beware” is a smart one to follow when seeking financial advice.

John Spoto is the founder of Sentry Financial Planning in Andover and Danvers. For more information, call 978-475-2533 or visit www.sentryfinancialplanning.com

This article is for general information purposes only and is not intended to provide specific advice on individual financial, tax, or legal matters. Please consult the appropriate professional concerning your specific situation before making any decisions.

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