Quora Answer: How Do You Find an Investment Consultant Who Has 100% Fiduciary Responsibility?

The following is my answer to a Quora question: “How do you find an investment consultant who has 100% fiduciary responsibility?” 

Legally, all financial consultants should exercise fiduciary responsibilities.  But the reality is that not all people are as ethical.  This is the world, as it is.  When looking for a financial consultant, it is important to pay attention to their qualities before their competency.  It is not difficult to find a competent consultant.  The certification papers are not easy, and the licensing regime is strict.  Finding an ethical person, however, requires discernment. 

Firstly, never use a financial consultant who complains about other clients, naming them, and their financial business.  If they can talk about other people’s business to you, they can talk about your business to others.  The client relationship is so strict that we cannot even reveal any of it to the spouse, the parent or the child, without the client’s express permission. 

Secondly, never use a financial consultant who is less than scrupulous.  If he can be less than honest in small things, he cannot be trusted with your money. 

Thirdly, you have to pay attention to his priorities.  You do not want an consultant who is concerned about his sales targets, his awards, and the down payment for his next car.  He will not be recommending anything in your best interest. 

Finally, as a personal preference, I never work with anyone who is nice to me, but rude to the waiter.