Fiduciary

title: Are you a Fiduciary? description: [AFW 1.12.4] Securities Objection #4 published: true date: 2026-06-30T08:11:29.427Z tags: editor: markdown dateCreated: 2021-09-16T22:38:23.077Z

Watch Fiduciary - Does it Matter? VIDEO

Watch MKOM #1602 - Are you a Fiduciary? (2024-04) YOUTUBE VIDEO

Read Nick's NMS 49 - Are you a fiduciary? PDF

“We're all supposed to be acting like fiduciaries all along, which is that you do what a reasonable person would do and you put your clients' interest ahead of yours.

A federally mandated fiduciary standard can't possibly be that clean or that sane. If we get that deep into a federally mandated regulatory fiduciary standard you're going to get them saying things like, "you have to provide the lowest cost product", which has nothing to do with the fiduciary standard. Where is it written that the lowest cost product is the best for the client, or the lowest cost advice is the best for the client?

What bothers about the impending fiduciary standard is the tendency of a nanny-state, a really viciously, anti-capital, anti-wealth-people, anti-advisor state, which is the state we living in today.

One half of Americans 65 and over when the sun came up this morning were living 100% on Social Security, and you ain't going to fix that with a fiduciary standard, and you ain't going to fix that with anything regulatory. That's human nature.” ―Nick Murray, Interviewed by Barry Ritholtz, Masters in Business 2015

For more about Advidory and Fee-Based visit AFW S.7.

If "Fiduciary" Is Promoted, It's B.S.¶

This is from an Fee-based Advisor's web site:

Please let me emphasize that I’m a fiduciary fee-only financial advisor, which means I do not receive commissions directly or indirectly on the sale of a financial product. As a fiduciary, I put my client’s needs first.

Wow. It's so loaded with B.S.

Quick Responses...¶

"I'm a fiduciary in thought, word and deed. It isn't a regulatory issue for me, but a moral one." Stand on your own moral authority rather than regulatory constraints.

Remember, "Are you a fiduciary?" isn't really an inquiry into your regulatory status. It's a proxy for the real question, which is, "Can I trust you?" -Nick Murray, NMI August 2019 - Q&A section

You know, Bernie Madoff was a fiduciary.

If you need the threat of government punishment to be a good advisor, you are not a good advisor.

To be clear, a "fiduciary" is someone who has passed a 130-question quiz, and the Advisor charge you more money to use it.

Let me give you some gentle advice Mr. Client, don't do business with someone just because they've passed a quiz, and don't not do business with someone because they haven't. Do business with them because you trust them, or not.

If you have both a S6 & S65 license...¶

Yes I am fiduciary, and I can 'use' with you but I'll have to charge you more but the service and the product are the same."