Originally published on Financial Advisor, April 24, 2018, by Tracey Longo
A first-of-its-kind website designed to match smaller investors with fiduciary advisors was launched Tuesday by four advisor groups with more than 5,000 registered investment advisors among them.
“We believe consumers should have a choice between a sales person who provides only incidental advice and a financial planner who provides real financial advice,” said Michael Kitces, co-founder of XY Planning Network.
In addition to XY Planning Network, the website, www.noincidentalinvestors.org, is being staffed by advisor members of the National Association of Personal Financial Advisors (NAPFA), the Garrett Planning Network and the Institute for the Fiduciary Standard.
“Each investor who fills out a card on the website will get the name of two fiduciary advisors,” said institute President Knut Rostad, who spearheaded the new matchmaking service to serve the public and to debunk the claim, often repeated by regulators and lawmakers, that true fiduciary advice is only available to the wealthy.