‘Fiduci-what?’ Most clients don’t know what the fiduciary duty really means

Earlier in my career, I switched firms. The change meant I left a position where I couldn’t legally call myself a fiduciary. But at the new firm, I was required to be one. I was super excited. Finally, I could tell my clients just how great it would be for me to act as a fiduciary.Boy, was I wildly disappointed.The discussion went something like this. “Guess what? I’m now legally required to put your interests first.” The silence was deafening. But when I dug down, I discovered my clients already expected me to provide advice that put them first. So, yeah, good for me that I was a fiduciary…

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