Are you a U.S. woman planning for retirement but feeling less than equipped to handle the job on your own? Are you wondering how to find a trustworthy financial advisor?

In today’s video, registered investment adviser and PBS MoneyTrack host Pam Krueger joins Margaret to explain the rule that sets fiduciary financial advisors apart from the rest. Read on to learn why working with one could be the best retirement decision you ever make!

What’s the Fiduciary Rule?

In 2106, the U.S. Department of Labor began implementing a rule designed to protect American investors from the conflicts of interest that keep financial advisors from putting their clients’ best interests first. After all, you should expect the financial advisor you’re paying to work in your best interests, right?

Not necessarily, says Pam. Despite the fees we pay them, insurance agents or stockbrokers never work for their clients. They were hired to sell financial products that make money for their brokerages or insurance companies.

Independent financial advisors, however, have voluntarily registered with the Securities Exchange Commission (SEC) or with the states where they practice. They’re accepted a legal obligation to work in their clients’ best financial interests. This obligation is known as the fiduciary standard.

A fully implemented fiduciary rule would have required all financial advisors to meet the fiduciary standard. But in June of 2018, Pam says, the Federal appeals courts struck the rule down. Today, only one of every 10 financial advisors is a registered fiduciary.

Fee-Based vs. Fee-Only Fiduciaries

Fee-based fiduciary financial advisors are legally allowed to get sales commissions without working for the companies that own the products.

If you’re not comfortable with that, Pam’s Wealthramp tool can connect you with fee-only fiduciary financial planners. They’re paid only to provide investment advice.

How a Fee-Only Fiduciary Can Help

Have you, like so many older women, had a stockbroker or insurance agent answer your financial questions with a sales pitch? If so, are you tired of that treatment?

A fee-only fiduciary financial planner takes the time to learn about your personal needs and goals. Only then will he or she offer you investment advice. In return, you can decide exactly how involved you want to be in the process.

Do you want your advisor to handle all the decisions? Or do you want to learn about investing and collaborate in making your retirement plan? The right advisor will be happy with either one!

Wealthramp: the Place to Find Your Ideal Fiduciary Financial Planner

It’s not enough, Pam cautions, that fee-only fiduciary financial planners prioritize their clients’ best interests. Her exhaustive vetting process also verifies their competency, business practices and software savvy.

After that, she looks for the “X-Factor,” a quality she’s learned to recognize after more than 25 years in the investment industry.

Connecting to Pam’s Wealthramp-approved financial planners won’t cost you a thing. The planners pay the costs as referral-service fees. Their contracts, however, prevent them from charging more for their advice to cover the price of the referrals.

Your retirement is far too important to entrust to just any investment advisor. If you’re in the U.S. and ready to connect with a truly trustworthy one, Wealthramp has already done the heavy lifting for you!

What has your experience with financial planners been like? What does understanding the difference between a financial and fiduciary financial advisor mean for your retirement planning? Please add your thoughts on this hugely important topic to the conversation below!