05.19.26 Ask An Advisor With Wes Moss

In this episode of Ask an Advisor, Wes Moss revisits the differences between fiduciary and non-fiduciary advisors before laying out ten functional roles a fee-only fiduciary can play. He then responds to listener questions on dividend placement, cash reserves, early-retirement bond allocation, retirement-rollover choices, and long-term tax-document storage.

Distinguishing Types of Advisors

Moss uses a simple kitchen analogy to separate the two advisor categories. Two orange peppers may look identical, yet one is a mild bell pepper and the other a hot habanero; the outward resemblance hides a large functional difference. A fiduciary follows a prudence standard that requires acting in the client’s best interest, while a non-fiduciary may operate under a suitability standard that permits commission-based product recommendations. Moss notes that commission arrangements are not inherently wrong in every setting, but he and Clark Howard both favor the fee-only fiduciary model because it removes product-sale incentives. The practical implication is that clients should ask which standard their advisor follows and confirm that the advisor does not earn commissions on recommended products.

Ten Integrated Planning Areas