IRAs, Roth IRAs, Roth 401(k)s wading into retirement's alphabet soup can be daunting. Here's some help. Also, a son's sudden death leaves financial questions.
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April 21, 2021 1:00 PM Kat Tretina - Forbes Advisor
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Updated:
April 21, 2021 7:06 PM
Fiduciary duty is the requirement that certain professionals, like lawyers or financial advisors, work in the best financial interest of their clients. U.S. law dictates that members of certain professions who are doing business for certain clients be bound by fiduciary duty. Let’s take a closer look at fiduciary duty, what a fiduciary is, which professions commonly have fiduciary responsibilities and which types of financial advisors are actually fiduciaries.
What Is a Fiduciary?
A fiduciary is someone who manages property or money on behalf of someone else. When you become a fiduciary, the law requires you to manage the person’s assets for their benefit and not your own.
How Fiduciary Duty Impacts Financial Advisors news8000.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news8000.com Daily Mail and Mail on Sunday newspapers.
Liz Weston: How to find a fee-only financial planner
Updated Apr 11, 2021;
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By Liz Weston
Dear Liz: You often recommend in your column to seek the advice of a fee-only financial planner. Where would I find such a financial planner? Our understanding is that a person has to have at least $1 million of savings to invest before a “fee-only” financial planner will consult with you. Can you be more specific?
Answer: Once upon a time, it was difficult to find fee-only financial planners if you didn’t have a lot of money to invest. Many required you to invest at least $250,000 and charged 1% of those assets annually.
How the pandemic made working with a financial planner easier
You don’t need a huge savings account to find a fee-only financial planner willing to work with you.
(Associated Press)
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Dear Liz: You often recommend in your column to seek the advice of a fee-only financial planner. Where would I find such a financial planner? Our understanding is that a person has to have at least $1 million of savings to invest before a “fee-only” financial planner will consult with you. Can you be more specific?
Answer: Once upon a time, it was difficult to find fee-only financial planners if you didn’t have a lot of money to invest. Many required you to invest at least $250,000 and charged 1% of those assets annually.