By the time you finish these four books, you are likely to have identified specific items that you would like to learn more about. For these inquiries, there's no better place to go for fast, easy access to information than online. Investopedia and similar sites provide access to a wealth of information that will keep you busy for weeks, if not months, including newsletters that will keep you updated on a daily basis. Investopedia's journeys are particularly notable, as they provide an in-depth look at a wide variety of topics.
Personal Capital funded a research study that found that nearly half of Americans erroneously believe all advisors are legally required to always act in their clients' best interest. Not only is this wrong, but it can also be damaging to the millions of savers and investors who unwittingly expose themselves to biased and potentially dangerous advice from advisors who can do what is best for themselves, at the expense of their clients.
There are several resources available that can help you know if an advisor is a fiduciary. The National Association of Personal Financial Advisors (NAPFA) has an online search tool that makes it easy to find certified financial planners in your area. Every advisor in that system operates on a fee-only basis and promises to act as a fiduciary. Garrett Planning Network is another planner organization of fiduciary financial planners who charge an hourly rate. Additionally, the Certified Financial Planners Board has an advisor search tool. You can use it to look up a particular planner and see their experience and history.
For more leads, check the National Association of Personal Financial Advisors (NAPFA). These planners are fee-only, which means their only revenue comes from their clients. They accept no commissions at all and pledge to act in their clients’ best interests at all times. In many respects, NAPFA standards meet or surpass the requirements needed for a CFP credential.
Many RIAs are fee-only advisors, meaning they can’t work off commission or sell a client any investment products that aren’t in the client's best interests. Financial planners don’t have to be RIAs to work under this business model. Fee-only financial planners generally make money via an hourly rate, an annual fixed retainer, or as a percentage of the investment assets they manage on behalf of their clients. They also have a fiduciary duty to their clients over any broker or dealer.