Ask Terry Questions Best interest “fiduciary” pledge

Best interest “fiduciary” pledge

By Terry Savage on November 24, 2019 | Financial Planning / Retirement

I asked the brokerage firm with my 401K about best interest pledge, he stated the the company (Wells Fargo) will not let them sign these. Have you found companies that will offer fiduciary pledge?

Terry Says

I’m so glad you asked! Isn’t it nice to know that your broker won’t sign a pledge that he/she is acting in your best interests?!!
RUN away. At least the broker was honest enough to say that he can’t pledge to put your interests ahead of his own!

Now, let’s start over. What kind of advice do you need? Could you do it yourself, choosing low cost mutual funds at Fidelity or Vanguard? If so, why pay a broker?
Or do you need a complete financial plan? If so, go to — where you will find FEE-ONLY FIDUCIARY advisors who always sign that pledge!
And finally, most 40l(k) plans are not affiliated with a “brokerage firm.” Retirement plans typically use low-cost mutual funds as investment options, though some do allow you to self-direct investments. Is this money outside your 40l(k) plan? Make sure you know whether this is plan money or otherwise.

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