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Originally Posted by SallyB
Quick question: can a CHFC (Chartered Financial Consultant) have fiduciary duty on one of your accounts but not another one.
Example: Fiduciary duty on IRA but not on Individual, Joint or Trust accounts
Fiduciary duty on Managed accounts but not on Fee Base accounts
If all your accounts are with a broker without or with CHFC like Michael, would he not have the fiduciary duty on ALL your accounts he is overseeing / managing?
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As I understand it, a financial advisor is not required to be a fiduciary, except when they are advising you about a retirement account. But, they can choose to be a fiduciary, in which case, they should provide their clients with a letter clearly stating that they will act as a fiducuary. Many advisors, especially those who sell insurance products, like annuities, do not want to be a fiduciary because they want to reduce the liability to their clients. Reading the information on Mr. Whitaker's website, it is pretty clear that he does not want to have a fiduciary relationship with his clients. For example, here is an excerpt from the financial planning section of his website:
"The calculations do not infer that our company, or the company providing the calculators, assumes any fiduciary duties."