What is a Fiduciary?
Independent Advice For a Secure Future
People of all ages and walks of life can benefit from working with a financial advisor. Whether you’re a retired surgeon or a teacher trying to repay student loans, financial advisors can help guide you toward your goals while always prioritizing your needs, so you feel confident in finances and life.
Not all Financial Advisors are Fiduciaries. What Separates Them?
To be recognized by the Securities and Exchange Commission (SEC) as a Financial Advisor acting in a fiduciary capacity, there are many requirements some of which include: registering as an Investment Advisor Representative (IAR) by passing the Series 65 exam issued by FINRA (Financial Industry Regulatory Authority), or meeting state-specific exemptions, and then registering with a Registered Investment Advisor (RIA) firm, which means you must comply with the Investment Advisers Act of 1940 and act in your client's best interests at all times.
Financial Advisors who are not fiduciaries may recommend products that simply suit your needs, even if other products are a better fit. Those that are fiduciaries typically have straightforward fee structures, don’t have quotes tied to certain products, and they are legally and ethically bound to act in your best interests.
What Does a Financial Advisor Do?
A financial advisor can help manage various aspects of your financial life. They can help you define and clarify your short- and long-term goals, then work together to optimize your assets through concrete steps. This can include building your savings or optimizing your taxes. Besides planning for retirement, financial advisors can help manage investments and offer advice on estate planning and risk management.
How Can a Financial Advisor Help You?
There is no one-size-fits-all service, and a financial advisor may offer a variety of services to build a realistic roadmap for your financial and personal life. Some common services include investment advice, saving for college, budgeting, debt management, retirement planning, estate planning, and long-term care planning.
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