Here’s a not so fun fact: If you ask any person in the financial services industry if they’re a fiduciary, 100% of them will say yes.

What IS a fiduciary? The dictionary definition says that it’s someone who is legally obligated to work in the best interest of the client. When people say “fiduciary” regarding financial advisors, they generally mean a financial advisor who has to always put the client’s interest first.

SOUNDS GREAT, RIGHT? And in theory it is. The problem is that there’s no exact license that declares someone a fiduciary. There are some laws indicating who is required to act as a fiduciary, but even those are the topic of debate as to who it applies to. And there’s literally zero oversight on enforcing who can or does use this term.

When you leave theoryland and join us back on planet earth, the word “fiduciary” isn’t saving anyone. It’s like the myth that if you ask an under cover cop if they’re a cop they have to tell you the truth. When you ask any financial advisor if they’re a fiduciary, they’ll always say yes. Even if in the next breath they’re trying to sell you some garbage to earn a commission.

So what do you do? Follow the money. If you need a financial advisor, find one who is “advice-only”. That means they don’t sell any products, earn any commissions, or charge you fees to manage your money. Instead you pay per hour or per project just for the advice.

Vivi, Shane, and I founded @hello_nectarine in response to this problem in the financial advice industry. Nectarine is a marketplace of the best “advice-only” financial advisors. We reject about 80% of the advisors who apply to be listed. The remaining have agreed to a flat-rate of $150 for an hour Zoom video call where you can share your screen and get actual financial advice, not a sales pitch.

The reviews from our customers have been incredible, averaging 4.93 stars out of five. If you’ve talked to a fake-fiduciary before, talking to a real advice-only expert is like a breath of fresh air. Find one at hellonectarine.com.

As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.

-Jeremy

Disclosure: The reviews referenced have been provided by clients who have completed an engagement with an Advisor. No compensation was paid for any reviews and the reviews may not necessarily be representative of all Nectarine experiences. Please hellonectarine.com for more details.