"I have no obligation to put your interests before my own."

Fiduciary responsibility is, simply put, the responsibility to put the clients' interest above that of the advisor. The problem is that in accepting fiduciary responsibility we are held to a higher standard of care than many firms are willing to accept. In fact, with the recent adoption of the so-called "Merrill Rule", large brokerages are now supposed to explicitly tell you that they don't accept fiduciary responsibility and that they may not put your interests before theirs. The easiest way to determine if your current advisor does accept that responsibility is simply to ask, point blank, "Do you accept fiduciary responsibility for your clients?" If they don't know or if they acknowledge that they don't, it may be time to find another advisor.

"I get paid more to recommend my company's proprietary products."

Many large firms develop products to help their clients achieve their financial goals. While these products may be excellent, there are often competing products that are even better suited to your needs. The problem is that a particular company's proprietary products are substantially more profitable to the company than so-called third-party products. In order to maximize their profit (which is what any company is in business to do), companies will offer higher commission for the sale of proprietary products.

"I receive a commission to sell insurance and non investment-related products."

There is absolutely nothing inherently wrong with this as long as it's you're aware of it. Some of the best products on the market, particularly insurance products, are sold by commissioned brokers, so the only caveat we give you with any product recommendation is to understand how the agent's compensation may create potential conflicts-of-interest.

"You are one of 400 clients. I can't give you the level of personal attention you may be looking for."

Working with a successful advisor can be a two-edged sword. While it's important to work with an experienced advisor with a broad knowledge base, if your advisor has too many clients, you may find yourself dealing with an assistant or junior member of the team and receive little or no attention from the actual advisor.

"I don't completely understand the products I'm recommending."

There are countless numbers of product solutions to the same financial planning problem. In fact, there are so many products on the market that it's impossible for any advisor to be an expert in all of them. Look for an advisor that, like a good general practitioner doctor, understands what category of solution you need and then engages a specialist to find the best-of-breed product in that category to meet your need.

"Guarantees come with a hefty price tag."

There are many annuity products that guarantee an account value or investment amount in the future. Unfortunately, as the old saying goes, "There's no such thing as a free lunch." While guarantees are comforting, your advisor may not tell you that they come at a cost. Before buying any "guaranteed" investment product, be sure to find out all the costs associated with that product over the entire lifespan of the investment so that you can make an apples-to-apples comparison of your different alternatives.

This article is in no way intended to disparage the thousands of professionals that go about the business of financial advising in a thoughtful, ethical way. And, while the popular press loves headlines about unethical product sales, the fact is that 90% of those people engaged our business, regardless of how they get paid, look out for their clients' interests and disclose all known conflicts-of-interest. The only thing this article was intended to convey is that not all the advisors you meet are completely honest, so it behooves you to ask a lot of questions.