Interest: Investment Recommendations

interest: Will you acknowledge in writing that you are a fiduciary when you make investment recommendations to me In other words, will you agree that you are legally required to make investment recommendations only that are in my best interest If not, why Are you and your firm complying with the Labor Department's conflict of interest rule and exemptions on fiduciary investment advice If you use one of the exemptions, explain the conflict of interest you have that requires you to comply with the exemption, according to Market Watch. Do you have a credential or designation from an accredited program that requires training and that holds its members to strict ethical standards Does the organization let investors file complaints about people that they have issued adviser designations What fees and expenses will I be charged Will you give me a list of those fees and expenses, and explain what each fee and expense pays for Do I pay all of these fees and expenses directly to you or are any fees or charges taken out of my investments Do you or your firm get paid from any other sources in connection with my business with you Do you or your firm pay anyone else because I opened an account with you or because I make investments that you recommend Do you make more money if I buy some investments instead of others Explain why. Here are some questions the Department suggests retirement account owners ask advisers. Are there any limitations on the investment products you will recommend If so, what are they For example, do you sell only your firm's products proprietary products or do you sell products from other companies Under what circumstances will you monitor my investments and make recommendations about changing my investments What are your reasons for recommending a rollover from my current plan or IRA What are the alternatives to a rollover Will I have to change my investments if I move my retirement savings to an IRA or a different plan How do the fees and expenses compare to what I am paying now Why do you think a rollover is better than leaving my retirement savings in my current retirement plan or IRA What is your experience with giving advice on retirement accounts What customer references or customer satisfaction surveys are available for my review For other questions to ask, see Questions You Should Ask About Your Investments and What To Do If You Run Into Problems and Where Do I Start. If any excuse is provided that the financial adviser can't' provide the answers in writing - the investor should just walk away, he said. Of note, Ron Rhoades, the program director of the financial planning program at Western Kentucky University's Gordon Ford School of Business, said investors should get the answers to the Labor Department's questions in writing and signed by the financial adviser. (news.financializer.com). As reported in the news.