You should consider choosing an investment advisory service when you are looking to invest and your financial situation allows you to do so, usually when you have some excess of liquidity. An investment advisor is a good option if you are not an expert in the investment field because you can use their know-how and experience to help you invest. In addition, investment advisers are held to a fiduciary standard that covers your investment advisory relationship with them. This means investment advisors have both a duty of care and a duty of loyalty to you, which means the following:
- The duty of care requires an investment advisor to place your best interests ahead of their own at all times;
- Under the duty of loyalty, an investment advisor must eliminate conflicts of interest or tell you about them in a way that you can understand, so that you can decide whether or not to agree to them.
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