7 Secrets Financial Advisers Won't Tell You

Your financial adviser is someone you need to trust, and the foundation for that trust is knowledge. You need to know exactly who you're working with, what standards they are held to and how they are making their money.

Even if you think your adviser is being upfront, don't just trust them at their word. It's imperative to learn as much as possible, because a lack of financial knowledge can result in mismanagement or even fraud.

Here are seven secrets your (or a potential) financial adviser may not tell you:

1. Many advisers are allowed to put their interests ahead of yours

While there are some financial advisers who operate under a "fiduciary" duty, which is to act in a client's best interest before their own profits, many others still operate under a suitability standard, which limits their liability when giving advice to you (learn more by reading "7 Questions to Ask Before Hiring a Financial Adviser").

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