Fiduciary Oath for Advisors

Many believe that Financial Advisors have a fiduciary duty or at least a requirement to look after their best interests. That is not true. Financial Advisors have no legal requirement to look after your best interests.

The regulators state that “Financial Advisor” is an unregulated business title that may be used by anyone. To ensure that your representative will look after your best interests you need him to sign a Fiduciary Oath.

The Committee for the Fiduciary Standard has developed a Fiduciary Oath for Investors to submit to their Advisor and ask for it to be signed. The Committee has given SIPA permission to share this Fiduciary Oath.

We urge you to ask your Advisor to sign a copy of the Fiduciary Oath and place the signed document in your investment file. Also keep a copy with your important papers.

If your Advisor will not sign it, we recommend that you look for another Advisor who will. They are out there.

Your Advisor may try to explain that it is not necessary because he already has responsibility to look after you. If so he should be willing to sign for confirmation. If he does not sign it, don’t risk your savings. There are responsible Advisers who will sign it and be glad to have your business.

Download a copy of the Fiduciary Oath for Advisors