Being a "Fiduciary"
What does it mean to be a fiduciary? I'll give you an example...
I was recently working with a client who had moved and was between jobs. She had a large retirement account with her previous employer that was now eligible for transfer, and she wanted to move it to me. So we started the process.
A couple of weeks later, she got a job with an employer who has a very nice retirement plan...
Most advisors (Non-fiduciaries. Salespeople.) would have happily stayed the course, since they'll make money that way and it's totally legal. "It's just business" is the philosophy.
Well that's not MY philosophy... So I chose to put her interests first and recommend she just transfer it into the new employer plan. It'll be less expensive, easier to contribute, and the investment options will be comparable. I even offered to help her choose which investments to buy within the new plan, free of charge.
This advice made me nothing, and technically cost me money, since I'd already paid my assistant to process the paperwork, but...
It's the right thing to do.
A lot of advisors criticize me for doing business this way and tell me I'm foolish... I'm okay with that.
I believe success rewards those who do what's right.