Best Fiduciary Financial Advisor Buffalo NY 2022

Best Fiduciary Financial Advisor Buffalo NY 2022

Call us at 716-565-1300

 

How to look for a Financial Advisor in Buffalo NY

 

Your first step when searching for a financial advisor in Buffalo NY is to narrow down the field of potential advisors.

There are a dizzying number of options available when you begin searching for a financial advisor.

Weeding through all of the financial advisors you find will quickly lead to fatigue, and may lead to you making a poor choice.

By narrowing the scope of your search for different services you can quickly sort through potential advisors, further narrowing down your search with greater efficiency and speed.

You’ll end up with a viable list of potential financial professionals that you can meet with, rather than wasting your time wading through all of your potential options.

The best way to narrow down the field of potential financial advisors is to first figure out what you want.

You’ll want to take some time to consider some key questions about your financial situation and the type of advisor that will work best for you.

You’ll want to gain a firm understanding of what type of financial advisor you want to work with.

You’ll also want to find wealth advisors that work with clients that roughly match your portfolio and where you are at in your life.

These two factors taken together will narrow your field of focus considerably, helping streamline your search and reduce any time wasted.

You might be wondering why you would use these two factors to find a financial advisor.

Broadly speaking, you want to narrow your search down to a financial advisor that puts your best interests first, and one that has demonstrated experience working with individuals that are financial similar to yourself.

By determining what type of financial advisor you are looking for first, you can eliminate a large portion of the financial advisors out there.

At the same time, by focusing your search on the remaining financial advisors that serve individuals that are broadly similar to yourself, you will be able to further narrow down the field of potential financial advisors to something manageable.

 

 

How do financial advisors get paid in Buffalo NY?

There are two ways advisors can get paid, either through selling commission-based products (paid by mutual fund companies), or through a flat fee (paid by you) which is typically a percentage of your portfolio.

It is often argued that commission-based investments can present a conflict of interest, as advisors may be tempted to move their clients’ money around more often than necessary, just so the advisor gets paid more.

This is why the DOL came out with a ruling to try and eliminate the conflict of interest. In their ruling, the DOL said that all advisors and their registered representatives who help manage retirement accounts can only receive fees for their service, not commissions, and they must act as fiduciaries. Again, this applies to retirement accounts only.

 

What is a fiduciary?

 

FIDUCIARY STANDARD

While most financial advisors are held to the suitability requirement, a small portion are held to a much more rigorous standard known as a fiduciary standard or fiduciary duty.

The fiduciary standard requires that fiduciary advisors place a client’s interests first at all times.

This foundational principle must guide all recommendations that the fiduciary advisor provides to their client.

In order to meet their fiduciary duty, a fiduciary advisor must have intimate knowledge of your investment profile.

Whereas a financial advisor held to the suitability requirement would be expected to have a broad sense of your investment profile before making a recommendation, a fiduciary advisor must have a complete understanding of your investment profile in order to make a recommendation that is in your best interests.

This is because they must weigh all of the factors included in your investment profile against every option available before they give a recommendation, and they must ensure their recommendation aligns with your best interests.

 

In simple terms, a fiduciary is someone who acts in the best interest of their clients and are legally required to do so.

Not only are they required to make investment decisions that are in the best interest of their clients, but the financial advice they provide must be in their clients’ best interest as well.

Ask your financial adviser to prove its fiduciary standards

A mutually beneficial wealth management partnership is built on trust and communication.

Regardless of the state of the fiduciary rule, your retirement adviser must act in your best interests.

 

Are Mintco Financial Advisors fiduciaries?

Best Fiduciary Financial Advisor Buffalo NY 2022

 

You should always work with a financial advisor that you trust and that is a good fit for you.

Finding such a financial advisor will require some work on your part, as you will want to verify their qualifications and spend some time to get to know them.

Ultimately, finding the best financial advisory services largely comes down to your unique needs, financial situation, and long-term goals.

Long before the DOL ruling, Mintco Financial has emphasized the importance of acting in the best interest of our clients.

While in many cases we are legally required to act as a fiduciary, we also believe it is our moral obligation.

Our clients are our top priority — they always have been — and we strongly believe the rapid growth we’ve seen at Summit over the past several years is a reflection of the quality of service we provide, and the high standard we expect out of each of our advisors and employees.

In addition to our company values and moral obligations is the legal aspect of being a fiduciary.

Bottom line, we sit on the same side of the table as our clients so we can fully immerse ourselves in their oftentimes complex financial situations, guiding them to make the best decision.

In our opinion, the DOL ruling is well-intentioned. It increases transparency in fees and requires all advisors to act in the best interest of their clients when dealing with retirement accounts.

We recognize our industry has been trending towards fee-based advisory services for some time now, and Mintco Financial is on board.

As always, we will continue to provide the highest level of service to all of our clients.

If you have further questions about what a fiduciary is or how it works, please give us a call. Any of our advisors are happy to explain further.

Call us at 716-565-1300

Email us info@mintcofinancial.com

www.MintcoFinancial.com