A fiduciary is a person or legal entity, such as a bank or brokerage firm, that has the power and responsibility of acting for another (usually called the beneficiary or principal) in situations requiring total trust, good faith and honesty.

Fiduciary rule requires retirement advisors to put their clients’ needs and best interests before their own. This rule is regulated by the Department of Labor (DOL), and it was enacted to prevent financial advisors from taking advantage of their clients by giving them bad retirement advice. This bad advice tends to result in the financial firm benefiting from hidden fees that are granted through fine print.

According to Investopedia, Fiduciary rule sets forth specific regulations to prevent retirement advisors from benefiting from their clients’ accounts. These regulations address backdoor payments and hidden fees: Often, clients receive financial advice that results in hidden payments that unfairly compensate the financial firm. These fees tend to be concealed in fine print that isn’t fully explained or is explained without regard to the client’s best interests. The result is lowered annual returns on retirement savings, which adds up over time.

Ricardo as a Fiduciary will;

  • Act with undivided loyalty and utmost good faith in your best interest. 
  • Provide full and fair disclosure of all material facts, defined as those which “a reasonable investor would consider to be important”.
  • Not mislead you.
  • Avoid conflicts of interest and disclose any potential conflicts of interest.

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