Is a Financial Advisor a Fiduciary?

How do I know if a financial advisor is a fiduciary?

Ask directly: “Are you a fiduciary on every account and every recommendation, and will you put that in writing?” Then read the firm’s Form CRS and Form ADV brochure, which explain how the firm is paid and its conflicts of interest. A fiduciary must put your interests ahead of their own, and a good one welcomes the question.

What is the difference between a fiduciary and a broker?

Investment advisers owe advisory clients a fiduciary duty: loyalty and care, with your interests first. Brokers making securities recommendations follow Regulation Best Interest, a different standard. Some professionals wear both hats, so ask which role applies to each account and each recommendation.

Is a fee-only advisor always a fiduciary?

Fee-only describes how an advisor is paid, not the legal standard. Ask about both: the legal duty that applies to you, and every way the advisor and the firm are paid because of your relationship.

What should a fiduciary put in writing?

The services you receive, the fee in dollars, the conflicts of interest and how they are handled, and the fiduciary commitment itself. At The Pinnacle Group®, your fee is quoted in writing before you hire.

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Who answered this question

Dr. Pat Pachciarz® is a Private Wealth Advisor + Tax Strategist, CEPA®, and Founder & CEO of The Pinnacle Group®, with 20+ years in private wealth management, including J.P. Morgan Private Client Group. He serves Oswego and Aurora, IL, from Aurora, and virtually in all 50 states. Call 815-486-0722.

What clients say about Dr. Pat Pachciarz® and The Pinnacle Group®

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I feel INCREDIBLY fortunate to have connected with Dr. Pat and Pinnacle Wealth Management. It is very rare to meet someone who combines such exceptional knowledge with genuine humility, integrity, and a sincere desire to see others succeed. Pat approached my financial future as though it wholeheartedly matters to him personally, offering the kind of thoughtful guidance you would hope someone would give their own family. He has helped me see new possibilities for growing my business, eliminating student debt, and building long-term wealth. What makes him truly exceptional is that he takes the time to understand your goals and deeply cares about helping you achieve them. He is refreshingly down to earth, completely transparent, and NEVER makes you feel like just another client. He always gave me honest guidance and a real commitment to my future. People like Dr. Pat are few and far between, and finding a firm that reflects those same values is even rarer. I genuinely cannot recommend Pinnacle Wealth Management highly enough. If you have the opportunity to work with Pat, consider yourself fortunate.

Elissa DanielGoogle review

Pat and his team have been exceptional to work with. I truly appreciate Pat's extensive knowledge, professionalism, and dedication to creating a customized plan that best supports my future retirement goals. His guidance has been invaluable.

Gene EvansGoogle review

Pat is incredible to work with! His knowledge, patience and understanding of what my wife and I need and are looking to achieve is second to none. His help and guidance has been amazing and we look forward to what our future holds in this journey!

Nick BucherGoogle review

Before we met, I had concerns about what retirement would look like and wanted a better understanding of what I needed to know to prepare for it. Read the full review
Working with Kathleen has been an incredibly positive experience. Before we met, I had concerns about what retirement would look like and what I needed to do to prepare. Kathleen and her partner took the time to meet with me regularly, review my finances, and provide practical strategies.
They helped me create a retirement plan that gives me confidence and peace of mind about my future. I truly appreciate their knowledge, guidance, and genuine commitment to helping me reach my financial goals.
Before meeting Kathleen, I was worried about what retirement would look like and wasn't sure what I needed to do to be prepared. From our first meeting, Kathleen and her partner made me feel comfortable and confident. They took the time to understand my financial situation, helped me come up with realistic ways to reduce my debt, and guided me through creating a retirement plan that fits my goals. They were always patient, knowledgeable, and genuinely interested in helping me succeed.
I would highly recommend Kathleen to anyone planning for retirement. She is so easy to talk to and has a wonderful ability to explain things in a way that's simple and easy to understand. She made what felt like an overwhelming process much more manageable, and I always felt comfortable asking questions and discussing my concerns.
Jean L.

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Is Your Financial Advisor a Fiduciary? How to Know