Now that’s a scary sounding word – what the heck does it mean?
It’s about your finances and believe me – ‘fiduciary‘ is your friend. The definition of this word is “involving TRUST, especially to the relationship of the trustee and a beneficiary.”
When you are ready to invest your money in places like the stock market, IRA’s or annuities, and are looking for a financial advisor for assistance, it is in your best interest to ask if it comes with a FIDUCIARY DUTY on their part. This means they will manage your assets FULLY for your benefit and NOT for their own profit.
In other words – their M.O. (see below) is to work in your best interests above all others, including themselves – they want what’s best for your money to be their number on motivation.
Now don’t get me wrong, the institution or person should get paid for their expertise but they shouldn’t be getting additional money from these investments by steering your hard earned money over just to them. So don’t hesitate to ask!
Sidebar – What the heck does M.O. mean you ask? While some may think M.O. means motive, it is actually the abbreviation for the Latin term modus operandi, which means way of working, or method of operation.