There has been a lot of news recently about the new DOL rule. Basically advisors must put the interests of their clients ahead of their own when advising on retirement accounts such as IRA’s and 401(k)’s. Imagine that concept? Consumers have been hurt from conflicted investment, hidden fees, and backdoor payments. We have been saying this for years! Addis & Hill has operated as a fiduciary since our founding over 15 years ago. And, we don’t just operate as a fiduciary on retirement accounts, we operate this way for ALL accounts and services we provide as a fee-only advisor. We provide every client with a copy of our signed fiduciary oath.
All CFP’s are not fiduciaries however. A quick search on the CFP website revealed that only 21 of 100 advisors within five miles of Wayne (zip code 19087) are fee-only fiduciaries! While we support the CFP designation, and our own Bill Mayer holds the designation, consumers must understand the realities. Be sure to visit napfa.org and click on news for more information on the new DOL rule and fee-only planning.