--- title: Doctors Have the Hippocratic Oath - What About Financial Advisors? description: Not all financial advisors are required to put your interests first. When hiring a financial advisor, chose one bound by the fiduciary standard. image: https://www.letsassemble.com/hs-fs/file-2470932645-jpg/images/Hiring-A-Financial-Advisor-Fiduciary-Duty.jpg --- [![Assembly Wealth](https://www.letsassemble.com/hs-fs/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png?width=300&height=70&name=Assembly-Wealth-Logo-Orange-500px.png "Assembly Wealth")](https://www.letsassemble.com/) The Money Manager People TM [800-541-7774](tel:+18005417774) [![RESEARCH MONEY MANAGERS](https://no-cache.hubspot.com/cta/default/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5) [![Client Center](https://no-cache.hubspot.com/cta/default/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2) [Home](https://www.letsassemble.com/) WrapManager's Wealth Management Blog When life changes, we can help you thoughtfully respond. [< Back to read another post](https://www.letsassemble.com/wealth-management-blog) # Doctors Have the Hippocratic Oath - What About Financial Advisors? Posted by [ Valerie De Vol | President](https://www.letsassemble.com/wealth-management-blog/author/valerie-de-vol) August 7, 2014 - [Tweet](https://twitter.com/share) ![Hiring a Financial Advisor Fiduciary Duty](https://www.letsassemble.com/hs-fs/file-2470932645-jpg/images/Hiring-A-Financial-Advisor-Fiduciary-Duty.jpg?width=205&name=Hiring-A-Financial-Advisor-Fiduciary-Duty.jpg "Hiring a Financial Advisor Fiduciary Duty")The Hippocratic oath for doctors dates back 2,500 years, and it is credited to Hippocrates, the father of modern medicine. As far back as the oath reaches, it’s core meaning still remains today – a doctor must put the interests of every patient before their own.1 We think the same principle should apply to financial advisors. Someone who gives you investment advice should act in your best interests and place your interests ahead of their own. Importantly, that also means not making recommendations simply because they produce higher commissions for the advisor or their investment firm. ### Do Financial Advisors Have to Put Your Interests Before Their Own? *Not necessarily.* Only those who are bound to the fiduciary standard are required to do so, in addition doing their best to make investment recommendations based on the most complete and accurate information available.2 This is different from what some financial advisors are bound to, which is called the “suitability rule.” Under the suitability rule, the advisor must reasonably believe that an investment is suitable given a client’s circumstances, needs, and objectives, but they do not necessarily have to put the client’s interests ahead of their own.3 The fiduciary standard better protects individual and institutional investors than the suitability rule.2 For example, an advisor working under the suitability rule is free to recommend an investment product that their own firm offers, even if there is another investment available that might offer a better return at a lower cost. The only requirement for the advisor in this case is to make sure the investment is suitable based on the client’ objectives – there’s no obligation to find the optimal investment in terms of cost and return. On the other hand, fiduciary investment advisors would be violating the standard if they recommended investments from their own firm that were clearly more costly or reasonably expected to deliver lower returns.3 ### Is Your Financial Advisor Bound to the “Fiduciary Standard?” It’s an important question worth asking your advisor today. If you are thinking of **[hiring a financial advisor](https://www.letsassemble.com/wealth-management-blog/dont-hire-a-financial-advisor-unless-they-ask-you-these-7-questions)**, it should be one of the questions you ask them as ask you conduct your due diligence. You deserve to have your best interests and the interests of your family placed ahead of the person who gives you investment advice. It’s as simple as that. ### Our Wealth Managers are Held to the Fiduciary Standard for Investment Advisors – Talk to Us Today If you would like to speak with one of our Wealth Managers more about the fiduciary standard and what it entails, call us today at 1-800-541-7774. We will also take time to walk through the details of your current investment approach and offer you recommendations for money manager strategies that might make sense for you. Also feel welcome to send us a note to [wealth@wrapmanager.com](mailto:wealth@wrapmanager.com). You can also get started on your own investment plan by **[answering a few brief questions here](https://www.letsassemble.com/free-money-manager-recommendation)**. [Click here see the latest blog posts on the Fiduciary topic.](http://www.wrapmanager.com/wealth-management-blog/topic/fiduciary) [![Like What You've Read? Subscribe Here!](https://no-cache.hubspot.com/cta/default/10700/5ce6db8c-6757-43bb-831d-b67f40d96a4c.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/5ce6db8c-6757-43bb-831d-b67f40d96a4c) [![Valerie De Vol Chief Compliance Officer WrapManager](http://admin.wrapmanager.com/images/uploads/Valerie-DeVol-WrapManager-Newsletter.jpg "Valerie De Vol Chief Compliance Officer WrapManager")](https://www.letsassemble.com/wealth-management-advisors/valerie-de-vol)* By [**Valerie De Vol, IACCP®**](https://www.letsassemble.com/wealth-management-advisors/valerie-de-vol)******* *Valerie is the Chief Compliance Officer and Chief Operating Officer at WrapManager, Inc.* --- Sources 1 [Gizmodo](http://gizmodo.com/doctors-aren-t-actually-bound-by-the-hippocratic-oath-1465044222) 2 [Investopedia](http://www.investopedia.com/articles/professionaleducation/11/suitability-fiduciary-standards.asp) 3 [CBS News](http://www.cbsnews.com/news/advisor-and-fiduciary-duties-and-selection/) [Hiring a Financial Advisor](https://www.letsassemble.com/wealth-management-blog/topic/hiring-a-financial-advisor) [Fiduciary](https://www.letsassemble.com/wealth-management-blog/topic/fiduciary) [![A guide to finding a better financial advisor](https://no-cache.hubspot.com/cta/default/10700/202250e7-ef82-4e50-a9c7-25c5bd555f4c.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/202250e7-ef82-4e50-a9c7-25c5bd555f4c) ### Subscribe to Updates [Subscribe to RSS Feed](https://www.letsassemble.com/wealth-management-blog/rss.xml) [![New Call-to-action](https://no-cache.hubspot.com/cta/default/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf) ### Most Recently Published ### Blog Authors [![Gabriel Burczyk](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381761-jpg/Athors_Avatars/Gabe-avatar.jpg "Gabriel Burczyk")](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [**Gabriel Burczyk,**](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [Founder & CEO](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk) [![Valerie De Vol](http://www.wrapmanager.com/hs-fs/hub/10700/file-2457588837-jpg/Athors_Avatars/Valerie-De-Vol-avatar.jpg "Valerie De Vol")](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol) [**Valerie De Vol, **IACCP® Chief Operating Officer](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol) [![Seton-avatar.jpg](http://www.wrapmanager.com/hs-fs/hub/10700/file-2344519198-jpg/Athors_Avatars/Seton-avatar.jpg "Seton-avatar.jpg")](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews) [**Seton McAndrews, **CFP® ](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)[Vice President - Investments](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews) [![Doug Hutchinson](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381751-jpg/Athors_Avatars/Doug-avatar.jpg "Doug Hutchinson")](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[Doug Hutchinson,](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[CFA® ](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)[Director of Research and Trading](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) ![Katie - square.png](https://www.wrapmanager.com/hubfs/Katie%20-%20square.png "Katie - square.png") [**Katie O'Connor **Director of Client Services](https://www.wrapmanager.com/wealth-management-advisors/katie-oconnor) **Important Disclosure Concerning WrapManager Blogs** Blogs found at this site have been created or supported by WrapManager. 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All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.     ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Valerie De Vol", "url" : "https://www.letsassemble.com/wealth-management-blog/author/valerie-de-vol" }, "datePublished" : "2014-08-07T16:00:00.000Z", "headline" : "Doctors Have the Hippocratic Oath - What About Financial Advisors?", "image" : [ "https://www.letsassemble.com/hs-fs/file-2470932645-jpg/images/Hiring-A-Financial-Advisor-Fiduciary-Duty.jpg" ], "mainEntityOfPage" : { "@id" : "https://www.letsassemble.com/wealth-management-blog/doctors-have-the-hippocratic-oath-what-about-financial-advisors", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.letsassemble.com/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png" }, "name" : "Assembly" } } ```