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Reuters, a top
financial magazine, recently brought attention to the fact that financial
advisors are under no real regulations or rules when it comes to treating you
fairly and doing business with you. Though this unfortunate fact was just
recently brought up by the magazine, it’s been a fact for quite some time.
Legislation demanding that financial advisors follow a fiduciary standard has
been talked about since 1990. It seemed like something was finally going to
happen when the U.S. Securities and Exchange Commission seriously considered
the issue in 2010, but ultimately, nothing did. No laws were passed, which
means tax advisors are free agents!
Knowing this, you can understand why it’s incredibly
important to choose your tax advisors wisely. Whether you’re seeing a
professional for help filing your taxes or for retirement
planning advice, it’s imperative that you know how to pick a legitimate,
trustworthy advisor. One tip to keep in
mind—one that you might not want to hear—is that good financial advisors cost money!
Someone who agrees to work on your retirement planning for free or for next to
nothing probably isn’t going to put nearly as much effort into it as someone
you’re paying fairly!
Reuters advises
individuals, regardless of whether or not they’re working with financial
advisors, to keep all of their assets in a secure brokerage account. Secure, in
this context, means an account that’s protected by the Securities Investor
Protection Corporation. That way, even if you do come across a less than honest
financial advisor, you won’t be left out in the cold. For financial advice in
Naperville that you can trust without a doubt, contact Platinum Financial
Associates.
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