When you’ve worked your entire life, built up a nest egg worth $2 million or more, and now you’re asking, “Can I actually retire comfortably?” or “Am I paying more in taxes or fees than I should?”, this one question matters more than almost anything else: Is my financial advisor truly working for me?
If you’re in Arizona, let’s say in Phoenix, Scottsdale, Tucson, or Chandler, you’ve probably seen a flood of advisors calling themselves “fiduciaries.” But here’s the reality most people don’t realize that not everyone who says they’re a fiduciary actually acts like one.
So many investors just assume they’re getting fiduciary advice simply because their advisor is licensed, or holds a CFP® designation, or works at a recognizable firm. But licensing doesn’t automatically make someone a fiduciary. Even insurance agents and registered agents can technically claim the fiduciary title and still earn commissions from misappropriately selling annuities, insurance, or front-loaded mutual funds.
I just recently started working with a Scottsdale client who was convinced she wasn’t paying any fees on her $4 million annuity which was misappropriately sold to her 9 years ago. And here’s the reality, when we reviewed her statements together, we discovered she was paying around 3% per year in combined fund expenses, annuity costs, and management fees which comes out to roughly $120,000 every year…quietly draining her portfolio’s growth. And unfortunately, she’s not alone, this happens all the time.
So what does “fiduciary” really mean, and what questions should you be asking to find out if your advisor truly acts like one?
A fiduciary is someone who is legally required to put your interests first, even if it means making less money themselves. It means recommending what’s truly best for you, not what pays them more, while providing full transparency about fees, conflicts, and incentives. A fiduciary must act with the same duty of care and loyalty you’d expect from a doctor or attorney. Advisors who aren’t held to this fiduciary standard only have to meet a much lower “suitability” test — meaning their recommendation just has to be suitable, not necessarily the best or most cost-effective choice for your situation.
Asking “Are you a fiduciary?” isn’t enough. Anyone can say yes. The real insight comes from asking questions that reveal how your advisor gets paid and where their loyalty actually lies.
Here are a few questions you should be asking:
How do you get paid? Transparency starts here. Ask if they charge a flat fee, a percentage of your assets, or commissions. The way they earn money directly impacts the type of advice you receive and whether it’s aligned with your goals.
A flat-fee fiduciary financial advisor eliminates product-sales incentives and keeps recommendations focused solely on your best interests. At Singh PWM, this model ensures advice is 100% client-driven — no % of AUM fees, no commissions.
Do you make more money if I choose one product or company over another? Or do you get paid differently depending on which mutual fund, annuity, or insurance carrier you recommend? If the answer isn’t a clear and confident “No,” that’s a built-in conflict of interest.
Do you receive incentives or payments from third parties? Some advisors get paid extra for recommending specific products. A fee-only fiduciary doesn’t accept outside compensation because their loyalty is to you, not a product manufacturer.
How many clients do you currently work with? If an advisor is managing hundreds of households, how much proactive attention will your plan really get?
Will you build my plan yourself, or will a junior advisor take over? You deserve to know who’s actually creating your financial plan and managing your portfolio, and not to be handed off once the paperwork is done.
Are your investment and planning decisions customized? Some large firms rely on cookie-cutter models that benefit the company more than the client. A true fiduciary builds strategies tailored to your life, your tax situation, and your goals.
Do you offer ongoing tax planning or even tax preparation? Most advisors avoid taxes entirely, but real fiduciary planning integrates investment, income, and tax strategies. At Singh PWM, I personally review client tax returns each year and coordinate proactive Roth conversions and cash-flow planning.
Do you coordinate with my estate attorney? Retirement isn’t just about money — it’s about legacy. Your advisor should ensure your estate plan and beneficiaries align with your long-term goals.
Are you independent or tied to a corporate product line? Independence means freedom to choose what’s best for you, not what benefits a parent company’s sales targets. If you’re looking for a fiduciary financial advisor in Phoenix or a fee-only financial planner in Scottsdale, this is one of the most important questions you can ask.
So What Documentation Proves Fiduciary Status?
Documentation matters because “fiduciary” is just a word until it’s supported by clarity and transparency. While no single form will explicitly prove, “This advisor is a fiduciary,” several documents will help you understand how they operate, how they’re paid, the scope of your relationship, and their credentials.
Form ADV (Parts 2A & 2B)
Part 2A explains an advisor’s services, fees, and conflicts of interest.
Part 2B lists their background, education, and disciplinary history.
Every Registered Investment Advisor must make this public.
Financial Planning or Advisory Agreement
This document sets the tone for your entire relationship with your advisor, so it’s worth taking a close look. It should clearly say that your advisor acts as a fiduciary at all times not just “when providing planning advice.” You’ll also want it to spell out what working together actually looks like: how often you’ll meet, what’s covered in those meetings, and how ongoing support works.
For example, will your advisor proactively review your taxes, cash flow, and investments each year, or only check in when you reach out first? The agreement should make it easy to understand what’s included in your annual fee, what kind of communication you can expect, and whether anything comes with extra costs. A clear, detailed advisory agreement removes surprises and helps you feel confident about exactly what you’re getting, and how your advisor plans to help you reach your goals.
CFP certification
It’s a strong professional benchmark, but still ask about compensation. Even CFPs can work at firms that promote proprietary products.
And If your advisor hesitates to share these documents or avoids questions about their pay structure, that’s a red flag.
Without clear proof, you could be paying hidden fees, receiving advice built around sales quotas instead of your retirement goals, or trusting a “fiduciary” label that offers no real legal protection. Having proper documentation gives you the clarity, transparency, and peace of mind that your advisor is legally bound to act in your best interest.
The Flat-Fee Fiduciary Difference
At Singh PWM, transparency isn’t a buzzword — it’s the foundation of how I work. The fiduciary standard applies at all times, and you’ll always receive my Form ADV and advisory agreement upfront. Instead of charging a percentage of your assets, I use a flat annual fee that keeps everything simple, predictable, and aligned with your goals. Every part of your financial life — from investments and taxes to estate planning — is connected through one clear, cohesive plan designed around you. This approach ensures you always know how I’m paid and that my focus stays exactly where it belongs: on you.
Because not all advisors who call themselves fiduciaries actually operate that way. To protect yourself, go beyond the title. Ask about pay structures, look for hidden conflicts or quotas, and request their Form ADV and fiduciary agreements in writing. Find out who’s really managing your plan and how many clients they serve.
Your retirement deserves more than “suitable” advice. It deserves transparent, documented, conflict-free guidance from someone who truly works for you, not their firm.
If you’re searching for a fiduciary financial advisor in Phoenix, a fee-only financial planner in Scottsdale, or a flat-fee fiduciary advisor serving Tucson, Chandler, and across Arizona, let’s connect. I’ll show you exactly what true fiduciary documentation and flat-fee planning look like, so you can retire with clarity, confidence, and control.
Request my Form ADV and fiduciary agreement today to see how real fiduciary planning is supposed to work.
Raman Singh, CFP®
Related Reading
If this topic hits home, you might also want to read:
- 5 Reasons You Should Consider Firing Your Advisor — Learn how to recognize when your advisor’s loyalty or value no longer aligns with your needs.
- Am I Paying Too Much in Advisor and Investment Fees? — Discover how hidden costs eat into your returns and what transparent, flat-fee advice should actually look like.
Important Disclosures
The information provided herein was obtained from sources believed to be reliable and is believed to be accurate as of the time presented, but it is provided “as is” without any express or implied warranties of any kind.
This material is intended for informational and educational purposes only and should not be construed as individualized investment, tax, or legal advice. You should consult with your own qualified investment, tax, or legal advisor before making any decisions based on this material.
Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. Withdrawal strategies and tax outcomes will vary depending on individual circumstances, account types, tax brackets, and market conditions. No strategy can guarantee success or prevent losses.
Investment advisory services are offered through Singh PWM, LLC, a registered investment adviser offering advisory services in the State of Arizona and other jurisdictions where registered or exempted.
Singh PWM, LLC is a registered investment advisor offering advisory services in the State(s) of Arizona and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute
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