Responding to a certified financial planner with 31 years' experience, Weston said CFPs are fiduciaries required to disclose conflicts of interest to clients.
She argued most advisors instead follow a lower suitability standard, allowing recommendations that may pay higher commissions even when they are not the best option.
Weston said fee-only planners typically avoid conflicts tied to commission-based sales and may charge hourly, project, retainer or assets-under-management fees.
Could commission-based advisors ever provide better long-term value than fee-only planners, or does the compensation model always create unavoidable conflicts?
With so many advisors claiming to act in your best interest, how can you truly verify if your financial planner is always a fiduciary?
How do recent SEC and DOL regulatory changes affect your ability to get unbiased, trustworthy financial advice in today’s complex market?