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Your Financial Advisor Is Already A Fiduciary
Have you entrusted your financial advisor or investment advisor with managing your investments? Have you acted in good faith and asked your advisor to protect your wealth? If you've answered yes to those questions, I believe your advisor owes you a fiduciary duty whether required to by law or not.
Wikipedia defines a fiduciary relationship as the following:
In a fiduciary relation one person, in a position of vulnerability, justifiably reposes confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter. In such a relation good conscience requires one to act at all times for the sole benefit and interests of another, with loyalty to those interests.
If your financial professional as selling their services as trust-based and asks you to rely on their judgement and advice when dealing with your financial well-being, you should be able to expect a fiduciary duty to arise. You are entrusting your wealth to another and should be able to expect that they are acting in your best interest.
I continue to believe that we should push for Congress to enact a legal fiduciary duty for everyone providing investment advice. Even barring such legislation, I think you should expect that fiduciary duty to be offered to you. I also believe all professionals providing investment advice should recognized their implied fiduciary duty whether required to by law or not.
I am not an attorney and have no legal training, but by looking at the definition this just makes sense. Advisors and financial services organizations market themselves in a manner that seems to imply a fiduciary relationship. Lets demand they deliver on that marketing promise and work in your best interest.
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