Ask Terry Questions financial adviser from bank or brokerage?

financial adviser from bank or brokerage?

By Terry Savage on July 30, 2018 | Financial Planning / Retirement

is it better to get a financial adviser from your local bank or someone like JPMorgan or Merrill Lynch.

Terry Says

NEITHER! Both of the companies you describe are great businesses — but the people they employ are NOT FIDUCIARIES. That is, they are not required to put your interests ahead of their own, and not required to fully disclose all costs and commissions. Feel free to show them this comment. Ask them to sign the FIDUCIARY PLEDGE in writing — promising to put your interests first and fully disclose all fees, commissions, and incentives they receive for recommending products. If they will do that, great. I’m betting they wont!

For a fee only financial planner who is a fiduciary, go to — the association of fee-only financial planners. They are Certified Financial Planners, who charge a set fee or an hourly fee. First meeting should be at no charge.

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