Fiduciary Responsibility and working with a financial advisor

<p><strong>Josh Tirado: </strong> I'm Josh Tirado. And you're listening to making smart decisions. Today's topic. I want to discuss  the fiduciary standard and how that applies to financial advisors in this segment. I'm also going to discuss my personal experience and how this plays into my practice, but please know that this is a very touchy subject.</p><p>[00:02:02] The standards for this are influx, constantly changing.  I am going to try to be as weary and correct as I can be in doing this. So according to in grant, this is not the end all be all, sure, but according to Wikipedia, a fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties.</p><p>[00:02:25] Typically a fiduciary prudently takes care of money. Or assets for another person. Now that fiduciary definition is a little different than Wikipedia. That's a little different in Merriam Webster's dictionary. And right now the sec security exchange commission and, the CFP board certified financial planning board and different entities are working on the wording of what they feel is the appropriate fiduciary.</p><p>[00:02:52] Definition and responsibility and standard that they can hold members to.  there's a lot of going back and forth with that. But what I want to say is that the core of it is trust. The fiduciary responsibility is that someone is trusting you to help them handle their affairs, their decisions, their money, their assets, the underlying thing is trust.</p><p>[00:03:14]And trust can be very subjective. It's hard to define that where it's going to be legally binding, but as far as I'm concerned, whoever you're working with as a financial advisor, the number one thing, the first thing that needs to be there is that level of trust. Whether they're fiduciary or not, whether they're required by law or not, that's a discussion for a different time, but I feel that it's not just a legal responsibility, but that's a moral responsibility that there should be trust there that you're acting in th