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Originally Posted by retiredguy123
Note that a typical stock broker or insurance salesperson is not required to be a fiduciary, unless they are providing advice on a retirement account. So, they usually cannot be held liable for selling a risky product that may not be appropriate for a client of a certain age or financial situation. It's buyer beware. The investment and insurance industries have many lobbyists working fulltime to prevent these salespeople from being required to act as fiduciaries. They are also trying to repeal the retirement account requirement. So, when you hire any financial advisor, you should demand that they certify to you, in writing, that they will act as a fiduciary when giving you advice. Although, I doubt that many insurance salespeople will provide this certification.
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Michael L Whitaker holds himself and his company out to be a fiduciary. His ads and other material he puts out for his company also, either outright say he has to act as a fiduciary. In my opinion, anyone who is advising another person about what to do with their money should only be acting in the best interest of their clients, friend, or associates. Whitaker has always held himself and his company out to be a fiduciary to his clients. Many times breaching this responsibility for his own gain.