I just learned that my banker giving me “advice” is not an advisor but rather an adviser. Something to do about licensing. I am not totally sure of the difference but to me, it doesn’t really matter. I know he works for the bank. He is quick, clever and creates solutions for us within his company’s system. We trust him. We also recognize that his loyalty is to his company first. He serves his company as master first, or least he should. We get it. Thankfully, his company has some helpful products and what feel is good service.

But not all consumers are this aware.

When it comes to real estate, finances, wills, estates, car purchases and important life choices, who is your adviser? Does that adviser serve you or another master? How can you be sure the advice you are getting is “truly for your benefit”?

The first answer is, “you can never be sure” but you should take caution to learn the how your advisor gets paid, who and how they are licensed and have open and frank conversations about how advice is delivered and received.

Licensed Fiduciaries in BC are sworn to protect your privacy and act in your best interest at all times.

Lawyers, Doctors, Dentists, Dental Hygienists, Nurses, Notary Public, Real Estate Agents

Non-Fiduciaries Roles:

Bank Employees, Car Dealership Employees, Mortgage Brokers (?), Life Insurance Agents, Financial Planners, Investment Advisers, Hair Dressers, Uncle Joe.