As I write this blog on Monday, February 24, 2020, the Dow is down about 900 points at mid-morning. Most analysts are pointing to the recent outbreak of the coronavirus in Italy and South Korea as spooking the markets, since this could set off a global economic slowdown. We shall see.
Last week, a good friend asked me if I would look over the retirement plan his financial planner had just completed. Let’s call my friend, Steve.
And for the record, if I may digress, I’ve discovered the hard way that maintaining and keeping long-term friendships intact when your occupation is financial advisor, means making sure your friends understand why recommending they work with an independent advisor who is not their friend, yet puts their best interests first. Sounds easy, yes? Not so much. On to Steve’s story...
The following definition of ‘fiduciary’ is taken from the Center for Fiduciary Studies, fi360 website: