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Two advisors can sit in the same office park and owe you two different legal duties.
A fiduciary is someone who is required to put your interests ahead of their own when they advise you, which means avoiding conflicts of interest or fully disclosing and managing them. When you interview a financial advisor in Oswego or Aurora, IL, ask in writing whether they act as a fiduciary at all times, on every account and every recommendation.
Duty of loyalty. Your interests come before the advisor's and the firm's. Conflicts of interest must be avoided, or fully disclosed and managed with your informed consent.
Duty of care. Advice has to reflect the care, skill and diligence a prudent professional would use for your goals, risk tolerance and circumstances.
CFP Board's Code of Ethics and Standards of Conduct, in effect since October 1, 2019, requires CFP® professionals to act as fiduciaries “at all times when providing Financial Advice to a Client,” and adds a duty to follow the client's instructions.
So here's the real test: is your advisor a fiduciary on everything, or only on some accounts?
One person can wear more than one hat. Selling insurance, for example, can follow different rules from giving investment advice. That is why the question “on every account?” matters.
If the answer isn't in writing, it isn't an answer yet.
Pinnacle Private Wealth® is a marketing name used by Pinnacle Financial Planning, a Registered Investment Advisor. Registration does not imply a certain level of skill or training.
A fiduciary financial advisor is required to put your interests ahead of their own when advising you, with a duty of loyalty and a duty of care. Conflicts of interest must be avoided or fully disclosed and managed.
No. Investment advisers owe advisory clients a fiduciary duty, while brokers making securities recommendations follow Regulation Best Interest, a different best-interest standard. Some professionals wear more than one hat, so ask whether the duty covers every account and recommendation.
Yes. Under CFP Board's Code of Ethics and Standards of Conduct, in effect since October 1, 2019, a CFP® professional must act as a fiduciary at all times when providing financial advice to a client.
Yes. Under the Illinois Trust Code, section 802 sets out a trustee's duty of loyalty to the trust's beneficiaries, including avoiding conflicts between the trustee's own interests and the trust's. If you serve as a trustee for a parent or spouse, you are the fiduciary.
Ask in writing: Do you act as a fiduciary at all times, on every account and every recommendation? How exactly are you paid? What conflicts do you have? A clear written answer is the best test.
We explicitly show you our value, in writing, before you hire us. If we can't prove it, you don't pay.
We serve Oswego and Aurora, IL, and virtually in all 50 states, from our office in Aurora, Illinois. Call 815-486-0722 or book a Clarity & Discovery Session.
This page is education, not legal, tax or investment advice, and it is not a promise about investment returns or tax results. Examples are illustrations, not clients. Your estate attorney drafts legal documents and your CPA prepares your returns; we coordinate the financial plan around them. Rules and figures change; confirm your own situation before acting. Pinnacle Private Wealth® is a marketing name used by Pinnacle Financial Planning, a Registered Investment Advisor. Registration does not imply a certain level of skill or training.
Reviewed by Dr. Pat Pachciarz®, The Pinnacle Group (Aurora, IL). Last reviewed October 18, 2026. Figures change; we re-check them against the sources above.