Section 8.1 Consumer Rights and Choosing Financial Professionals
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Section 8.1 Focus
In this section, you will explore the fiduciary standard and strategies to being a smart consumer. We focus on consumers' rights, why it's important that financial advisors follow a fiduciary standard, ways that financial advisors are compensated, and some strategies to select a financial professional.
Read
- Consumer Bill of Rights. A web-page with your 6 rights Links to an external site.
- The Index Card Rule #6: Make Your Financial Advisor Commit to the Fiduciary Standard.(pages 133-154)
- Your Spending, Your Savings, Your Future (pages 45 -47).
- 3 Reasons to Hire a Fee-Only Financial Planner Links to an external site.
Watch
These video cover issues about financial scams, big banks, and other consumer factors to consider.
5 Biggest Financial Scams (And How To Avoid Them) | Two Cents (PBS)
Are Credit Unions Better Than Big Banks? | Two Cents (PBS)
Explore
Throughout your life, it will be important for you to hire trustworthy financial professionals who can help you holistically plan your financial life. Use the following websites to explore the profiles of financial planners that meet the fiduciary standard:
- LetsMakeAPlan.orgLinks to an external site. (from the Certified Financial Planner Board of Standards)
- XY Planning NetworkLinks to an external site. (all listed planners are CFP professionals and fiduciaries).