The one thing to keep in mind before investing your money

The one thing to keep in mind before investing your moneyThe one thing to keep in mind before investing your moneyInvesting money is one of the easiest ways to both save money and grow wealth. Rather than keeping your money stashed away in a savings account, you could invest it and watch it potentially grow. Sounds like a no-brainer, right?But wait - before you start Googling investment apps and transferring money into a new account, theres something you need to keep in mind. Not all investment firms have the clients best interest in mind. We know, why wouldnt a big bank want to help its clients invest money and grow their wealth? Unfortunately, sometimes financial advisors or stockbrokers have other items on their agendas (like their own personal compensation desires).So the main thing you need to keep in mindbefore investing your moneyis whether or not the investment firm youre wanting to work with is a fiduciary.What is a fiduciary?Fiduci-what?A fiduciary (pronouncedfid-u-shi-ary ) is a person, like an accountant or a financial advisor, who acts on behalf of another person to make decisions for them. They are ethically bound to act in the best interests of the other person.You may think the accountant or financial advisor you use is a fiduciary, but you may be wrong. And youre not alone. According to a2017 study conducted by Personal Capital, 46 percent of Americans responded that they believe financial advisors are required by law to act in the best interests of their clients. However, they are not. In 2017, the U.S. Department of Labor began rolling out what they call the fiduciary rule, which would have required financial advisors to keep their clients best interests in mind at all times. Unfortunately, by June 2018,the rule was officially considered deadand no such law was put into place.So what does that mean for you, the client? Its time to aska lotmore questions before handing your money over. This includes your retirement, tax, investment and any oth er accounts you may have. Not sure what to ask your current or future financial advisor? Heres our list to get youstarted.Are you a fiduciary?How do you charge for your services?How much do you charge?What types of clients do you specialize in?Do you have a sample financial plan I could look at?Will you solely be managing my money, or will your team be involved, as well?Whats your investment strategy?How much communication will there be between us?Why should I work with you and your firm?With these answers stuffed into your back pocket, youll have a much clearer understanding of who is working with your money and in what ways. And that knowledge means power (not to mention much higher chances of growing your personal wealth). Happy investingThis article was originally posted on Swirled.comin the Thrive section, which covers valuablecareer and personal finance contentfor millennials.