15 years ago we left UBS, a broker dealer, to become a fee only fiduciary to ensure we always kept our employee’s and client’s interests completely aligned. With every third party relationship we enter, the first question we ask is, “Will this hurt our Fiduciary status?”. One of our core beliefs is that a broker dealer licensing agreement, even fully disclosed, threatens the fiduciary relationship. It means that the broker dealer charges fees that neither the advisor or the client can see easily. More recently, we have seen a new version of fee only advisor enter the industry that recruits advisors by paying them large upfront payments. Although they claim to be fee only, they own a broker dealer on the platform and use cash flow from the broker dealer to fund the upfront payments. We need to fix this problem once and for all. The consumer deserves an open and honest fiduciary relationship when they get advice.