We are Fiduciaries but the other guys .......?
Hal Tearse, CPWA?
Certified Private Wealth Advisor? at Baird : Author, Mentor and Coach to HNW families using the power of financial planning and 4 decades of experience to help each family achieve their goals, wishes and wants.
If you are alive and breathing ,I bet you have seen this ad on social media, or TV or radio claiming they are somehow different than all other investment companies. They claim a superior position because as fiduciaries they are bound to place their clients interest first, unlike all of the other (unnamed) guys/advisors.
The truth is that the majority of financial advisory firms in the country are fiduciaries because they provide investment and planning advice using their series 65 license that allows the firms to charge annual fees for advice. They (We) are held to the exact same standards but we offer more than the company that is advertising such largess.
We also have broker licenses that allow us to charge commissions on transactions when it is in the BEST Interest of the CLIENT. For example ; Recently we were building treasury bond ladders for some clients. The clients would have to use bond mutual funds with "fidicuary guys" because they cannot do a bond ladder which requires dual licensing . Additionally, you could not do a bond ladder with mutual funds. The funds have fees and the fiduciaries charge fees. How does that make them better? It does not.
If you are confused about this feel free to ping me back and I can explain it in more detail.
It is always good to get second opinions on matters of great importance to your physical health and financial health . We love to provide second opinions.
Until next time....