It's Fathers Day, here is some fatherly advice......

Investment advisors are governed by the Investment Advisors Act of 1940, which places on them a fiduciary obligation to act solely in a client's best interests, or face a lawsuit for breach of fiduciary duty. This is a much higher standard than one of mere "suitability." Indeed, a "fiduciary" standard legally obligates an advisor to put aside personal interests, and is required to act in good faith when making decisions for clients.

Faced with the choice of working with a broker who is held to a mere suitability standard, or an investment advisor who is held to a fiduciary standard, investors who require the services of an advisor should always choose to work with an advisory firm who is duty-bound to look out for the investors best interests.

Most investors are not savvy enough to understand this regulatory distinction.

I know this may be hard to believe but try this test. Ask your broker to send you a letter in which he states that he or she is acting as your fiduciary. I doubt seriously they will do it. It is a fundamental problem that cuts to the core of the lack of integrity on Wall Street. Believe it at your own peril.

Even if you don't, trusting your retirement to a salesman is probably a very bad idea.