Should You Fire Your Financial Advisor? Five Red Flags

Many Americans assume financial advisors have the same ethical obligations as lawyers or registered investment advisors to act in the best interests of the people they advise. This is not necessarily true. While lawyers and investment advisors are fiduciaries, plenty of financial professionals are not held to the highest legal standards when it comes to putting client interests first. What's more, not all financial advisors will be considered fiduciaries, even under an expanded definition of fiduciary created by new Department of Labor rules that go into effect in June of 2017.

Since the law provides less protection to people who seek the advice of financial advisors on a variety of money matters, it is up to you to do your due diligence and ensure your financial advisor is a trustworthy professional who will provide you with advice you should follow. This means, in part, knowing the red flags to look for -- like these five key signs that your financial advisor isn't someone whose advice you should be taking.

Source: Fool.com