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Financial planning is a way of figuring out whether and how a person can meet their life goals by properly managing their financial resources. There are a lot of people and companies out there who want to take on the role of a financial advisor in your life – but that doesn’t mean you should let them
Take a moment to consider this: what if you had a friend you could turn to whenever you had a financial question? Not sure how much of a house you can afford? Call your financial friend to walk you through the numbers. Don’t know which investments to choose in your 401(k)? If you work with a fiduciary financial advisor, you could have someone to answer that question.
The US court of Appeals recently struck down the Department of Labor’s fiduciary rule, which required all financial professionals to manage retirement accounts with their clients’ interests ahead of their own. Now that this consumer protection has been vacated, it is important to educate yourself on the ins and outs of what makes a financial professional a fiduciary and why you should engage in a fiduciary’s services.
