WCJB - Tax season is upon us, and for many people, that means trusting someone else with your finances.
Gainesville financial adviser James Di Virgilio says you could be putting your money in danger if you don’t do your research when choosing which firm will handle your finances.
He says the main difference between most financial advising firms is whether or not they’re a fiduciary.
“The word fiduciary means to trust, and it’s the highest standard of care in financial advising. Unfortunately, less than 15 percent of advisers are fiduciaries, which creates a whole host of problems when trusting your adviser,” said Di Virgilio.
Di Virgilio fiduciaries will look out for you year-round, while other firms like banks may only get involved during tax season.
He says financial advisers who aren’t fiduciaries could have their own interests in place of yours, so make sure you do your research before putting your money in their hands.