In this article we explore what fiduciary wealth management is, the benefits of a fiduciary financial advisor, and explore how to select the best fiduciary wealth management firm for your needs.
When it comes to your finances, it’s important to make sure that you have the best possible advice and guidance. For you to have the best financial path, you need to have a trusted person from your wealth management team that can help you out. That’s where fiduciary wealth management comes in.
In this article we will explore what fiduciary wealth management is, the benefits a fiduciary financial advisor can provide, and how to select the best fiduciary wealth management firm for your needs.
Find a Fiduciary Financial Advisor Near You
What is a licensed Fiduciary?
A fiduciary is a person who is legally and ethically required to put others’ interests before their own. This ensures that the financial decisions they make benefit you, and not them personally.
A fiduciary must follow what is referred to as “fiduciary standards,” which require full disclosure of potential conflicts of interest, so you can have full transparency.
What are Fiduciary Duties?
As fiduciary, they must exercise the highest degree of care, loyalty, and candor toward their clients. This means that they are required to put your interests first when handling all aspects of your wealth management needs. They are also obligated to fully disclose any potential conflicts of interest.
As fiduciary, financial advisors are required to put your interests first when handling all aspects of your wealth management needs.
The 4 types of Fiduciary Duties that a fiduciary is held to:
A fiduciary must follow what is referred to as “fiduciary standards,” which require full disclosure of potential conflicts of interest, so you can have full transparency.
How are Fiduciaries Monitored and Held Accountable?
The Securities and Exchange Commission (SEC) is required to monitor each state-licensed investment adviser. This ensures that their fiduciary practices follow the rules and regulations put in place, and they provide quality services tailored to your individual needs.
Your state government also can handle complaints against fiduciaries. You can file a complaint if you feel your investments are not being handled properly, or if the fees you are paying for your account are unreasonable.
The Financial Industry Regulatory Authority (FINRA) has the authority to provide oversight over securities products and trading, as well as brokerage activities within specific industries. They will also monitor the investment advice fiduciary business for compliance.
The CFP Code of Ethics (list)
To become a Certified Financial Planner™, an individual must go through a strict and thorough certification process and many exams where only 50% of the candidates pass.
Once they have successfully passed all testing and exams, they must adhere to the CFP Code of Ethics on an ongoing basis to maintain their status as Certified Financial Advisors (CFPs).
The six (6) main points that the Code of Ethics refers to:
Client first
Integrity
Objectivity
Fairness
Professionalism
Confidentiality
Diligence
To become a Certified Financial Planner™, an individual must go through a strict and thorough certification process and many exams where only 50% of the candidates pass.
Selecting the Best Fiduciary Wealth Management Firm for Your Needs
As you can see, there are many regulations and strict guidelines that fiduciary wealth managers must follow. These regulations were established to ensure that you receive the highest quality of service available.
You want to work with a fiduciary who is highly trained and qualified. You can look for someone who has advanced degrees, such as a certified financial planner (CFP). Make sure they are affiliated with some kind of organization, so you can have access to their education, training, and compliance records
An estate planning attorney or financial planner who specializes in working with families also makes for a qualified fiduciary wealth management firm that has an excellent reputation. You should be able to ask your friends and family members for recommendations, or simply search online to find professionals in your area
The bottom line is you want someone qualified, knowledgeable, trustworthy, and someone who will work with your individual needs on an ongoing basis.
How Mission Wealth Can Help
Fiduciary wealth management is a great way to make sure your investments are handled prudently without any conflicts of interest. They will help you plan your financial matters from the time you start working, and throughout your life, as you continue to save money and invest for retirement.
Make sure that the firm you choose follows proper regulations, has qualified professionals, and can meet your individual needs, or reach out to us via the form below.
Find a Fiduciary Financial Advisor Near You
For over 20 years, Mission Wealth has offered holistic wealth management to high net worth families across the United States. Our fiduciary financial planners ensure that every piece of the puzzle is put into place as our clients’ lives unfold and their needs evolve. This gives them the complete picture and confidence in their future.
To learn more about our business planning services contact us by using the form below for a FREE, NO-OBLIGATION consultation with an advisor.
MISSION WEALTH IS A REGISTERED INVESTMENT ADVISER. THIS DOCUMENT IS SOLELY FOR INFORMATIONAL PURPOSES, NO INVESTMENTS ARE RECOMMENDED. ADVISORY SERVICES ARE ONLY OFFERED TO CLIENTS OR PROSPECTIVE CLIENTS WHERE MISSION WEALTH AND ITS REPRESENTATIVES ARE PROPERLY LICENSED OR EXEMPT FROM LICENSURE. NO ADVICE MAY BE RENDERED BY MISSION WEALTH UNLESS A CLIENT SERVICE AGREEMENT IS IN PLACE.
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