A fiduciary represents the highest standard of responsibility and trust. There should be no wiggle room when it comes to fiduciary standards. As a true fiduciary-based investment advisor, it’s simple for us. We are structured in a way that ensures that we cannot turn on or off being a fiduciary. This is the problem with conflicted advisors who also serve their clients as agent, banker, broker, dealer, or financial planner.
The word fiduciary does not need to be strengthened as it is already “the” term that means precisely what it means. The problem is permitting a lower standard use by conflicted advisors, agents, bankers, brokers, dealers, and planners whose compensation is discriminatory.
A true fiduciary-based financial planner cannot act as a fiduciary in one moment and then switch to the role of salesperson the next. This is the heart-and-soul problem we with have with nearly all “planner-based” credentialing organizations.
We strongly discourage the use of conflicted financial planners, regardless of what they call themselves: macro, holistic, coach, or “Big Tom Foolery.” If Tom sells a product, then he is wearing a hat, and he needs to be comfortable with that hat.
The day is coming when it will be illegal to give financial advice and sell financial products. Regulators will phase in laws, rules, and regulations because these two activities are ethically incompatible. Can one manage as a fiduciary? Yes, one can but only through time and/or fixed cost pricing compensation methods.
If you genuinely need a financial planner, seek the services of an accountant first. As you get older, and life becomes more complex, bring in an estate planning attorney who is also comfortable with the asset protection laws, rules, and regulations within your residential and business jurisdiction to provide specialized advice. Also, never abdicate or ignore. Instead, delegate efficiently and effectively while retaining that which you like, are good and profitable at, and can control.
You can have a can of V-8 and quench your thirst for a moment, or you can have the power of a V-8, and power through to where you want to get to quench your thirst today, tomorrow, and the many days ahead. It's your choice and responsibility to zoom ahead efficiently and effectively on your terms.
Get Started by clicking on this link and doing just that: Get Started. The longer you wait, the more time, money, and effort you are wasting with a high-commission advisor, agent, banker, broker, or planner. And if you are the preverbal DIYer, well, good luck with that. One day, when you’re out of time, disabled, or completely distracted, you’ll remember this: “I could have had a fiduciary.” (Think V8)