Summary: Does the way you spell “advisor” change your obligation to clients? The question of whether RIAs should describe themselves as “advisers” instead of “advisors,” to show their adherence to the federal Investment Advisers Act of 1940 — and, for that matter, whether Financial Planning should follow suit.
 We’ve moved from brokers to wealth managers to financial advisors to financial advisers, the term that created the fiduciary advice model. In the process,nonfiduciary advisors have wound up “confusing the consumer.”Skip Schweiss, managing director of advisor advocacy and industry affaris, TD Ameritrade Institutional. |
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