2019 Best Fiduciary Advisors Buffalo NY- Tampa FL

You’ve decided to get your financial house in order, but what steps do you take next?

Experts agree that, when first starting out, getting professional advice from someone you trust is critical to managing your personal finances.

If deciding to seek professional advice was step one, step two is figuring out who to talk to. Not all financial professionals are created equal.

Why your bank is not the place to look for a financial advisor

You may not want to immediately turn to your bank for help.

You may not get the best advice from your financial institution.

It’s their job, after all, to sell you products and services.

Ask friends and families for referrals, but don’t stop there – shop around.

It’s perfectly fine – and encouraged – to interview multiple planners before choosing one.

Ask them about their qualifications and credentials (more on that below), ask them for references, which organizations they belong to, how long they’ve been a planner, and so on.

Another important question to ask them is how they get paid – do they make a salary, or are they paid by commission or a flat fee?

How Do I Know I Can Trust a Financial Advisor?

Unfortunately, there is no such thing as a sure thing. Trust is a real concern for any investor entering into a new relationship with a financial advisor, as it should be. Just as compensation methods vary among financial advisors so too do the standards in which advisors are held.

  • Registered investment advisor: If a firm is a registered investment advisor, it has a fiduciary duty to always act in the best interest of the client – this is the highest standard of care as established by law.
  • Suitability standard: If a firm isn’t considered a fiduciary, they’re likely following what’s called a suitability standard. This means that recommendations to a client must only be considered “suitable” for their situation, not necessarily what’s in their best interest. 

 Fiduciary Advisors Buffalo NY- Tampa FL

The fiduciary duty is the highest standard of care

According to the Cornell Law Dictionary, “A fiduciary duty is the highest standard of care.” It entails always acting in your beneficiary’s best interest, even if doing so is contrary to yours. For a financial advisor, this may mean recommending a product that results in reduced or no compensation because it’s the best option for the client.

According to the Securities and Exchange Commission, which regulates registered investment advisors as fiduciaries, the fiduciary duty also entails:

  • Acting with undivided loyalty and utmost good faith
  • Providing full and fair disclosure of all material facts, defined as those which “a reasonable investor would consider to be important”
  • Not misleading clients
  • Avoiding conflicts of interest (such as when the advisor profits more if a client uses one investment instead of another or trades frequently) and disclosing any potential conflicts of interest
  • Not using a client’s assets for the advisor’s own benefit or the benefit of other clients

The commission concludes by stating that “departure from this fiduciary standard may constitute ‘fraud’ upon your clients,” which could result in the firm’s or investment advisor’s registration being revoked, the advisor getting barred from the industry or multi-million dollar disgorgements, among other penalties.

Fiduciaries have a “duty to care.” That means these obligations extend beyond the first meeting. A fiduciary will continually monitor a client’s investments and financial situation and adhere to best practices of conduct for the duration of the relationship.

We are a fiduciary, Registered Investment Advisory firm, located in Buffalo, NY and Tampa, FL

Mintco Financial Independent and Fiduciary Advisors is an independent, fiduciary, Registered Investment Advisor firm, located in Buffalo, NY and Tampa, FL.

We provide investment advisory services for individuals, professional athletes and 401(k) consulting for small businesses.

Our clients look to us to provide education, empowering them to make good decisions, to help them preserve their capital and provide real growth in their portfolios after taxes and inflation.

While each of our clients are unique, they all have one thing in common:  They want unbiased investment education from experienced professionals.

To learn more about our proven approach and see how we can provide clarity about your financial future contact us at

Buffalo NY Office 716-565-1300

Tampa FL Office 813-964-7100

Visit our site www.MintcoFinancial.com