Anglia Advisors

The Fiduciary Standard

The Fiduciary Standard

Is your financial advisor working in your best interests at all times? Or his own? It's a very big deal and you must find out. Fortunately, it's easy to do. Just ask!

Financial advisors in the US come in all shapes and sizes but they generally can be put in one of three categories .. a broker - think any kind of bank or credit union or Merrill Lynch, Morgan Stanley etc., an insurance agent - think Northwestern Mutual, Guardian, Axa, Prudential etc.) or a Registered Investment Advisor (RIA) - think Anglia Advisors and others.



Anglia Advisors operates as a fiduciary at all times. You can see this commitment in writing here.



Designations such as CERTIFIED FINANCIAL PLANNER™ (CFP®) professional, however, are at least indicative of a very significant course of study, the passing of a highly challenging exam and adequate, appropriate experience in financial planning.


Download and print this form.

Bring a copy with you to every initial consultation or discovery meeting that you have with any kind of financial advisor (including any insurance company offering "financial planning", as they like to call insurance sales).

Right away ask, “Are you a fiduciary at all times?” If they give you any answer other than an immediate “Yes”, then politely end the consultation and leave. It is a binary yes or no question that you have asked, you can’t be “a bit fiduciary”! You either are a fiduciary or you are not and the advisor knows very well what the answer is. So any response that is hedged, incomplete or in any way vague can be taken to mean that no, that person and firm is not fiduciary and therefore no longer worthy of your consideration as the responsible and un-conflicted steward of any part of your finances.

If they say yes, then ..

Ask them to sign the downloaded form right then and there in front of you on behalf of both themselves and their firm (FYI: we sign this form for all our clients, see above) and provide you with a copy on the spot

If the advisor is unwilling or unable to quickly sign this form or says he needs to "discuss it with his manager", then the advisor and the firm are clearly not a fiduciary and not required to act in your best interests at all times - you should quickly walk away and only consider working with an advisor who is willing to sign it right away with no reservations. 

Ask them for a copy of their Form ADV. This is the form that confirms the fiduciary responsibility of the advisor. If they are a fiduciary they will be able to provide you with a copy right then and there or email you a copy while you wait.

Any failure or even any hesitation to be able to produce a Form ADV means that the advisor and the advisor’s firm are not covered by the fiduciary standard and are to be avoided. Again, simply walk away.

If you already work with a financial professional, ask him/her to sign the printed fiduciary oath and provide you with their Form ADV if they have not already done so. If they fail to provide the Form ADV or are unwilling or unable to sign the fiduciary oath, then it's our view that it is definitely in your interests to immediately start looking for a new advisor.