HOW TO FIND A FIDUCIARY FINANCIAL PLANNER IN TAMPA
HOW TO FIND A FIDUCIARY FINANCIAL PLANNER IN TAMPA
Why is it important to have a fiduciary financial advisor?
Understanding what it means to be a fiduciary financial advisor really helps when it comes to the important decision of who to trust for advice about your money.
This can be a very difficult choice.
Despite government regulation of financial services, some providers work to a higher standard than others.
So how can you tell if your financial advisor is a fiduciary who makes sure your interests are paramount?
WHAT IS A FIDUCIARY?
A fiduciary is a general legal term for someone in a position of particular trust, and who must therefore exercise a very high standard of care when acting on another’s behalf.
Essentially, fiduciaries have an ethical and legal duty to always place the other person’s interests above their own. This arises out of the nature of the relationship and goes beyond the care that’s required in general business, contractual or social relationships.
WHAT IS A FIDUCIARY FINANCIAL ADVISOR? HOW TO FIND A FIDUCIARY FINANCIAL PLANNER IN TAMPA
Where there is a fiduciary relationship between a financial advisor and their client, the advisor must exercise the highest standard of care under the law.
This recognizes the comparative vulnerable situation of the client and the special trust placed in the advisor.
Essentially, there are obligations on the advisor to:
- always place the client’s best interests ahead of their own gain
- avoid conflicts of interest
- A fiduciary is more or less a pledge that your financial planner makes stating that all of their actions will be in the best interest of their client. There are those who aren’t fiduciaries, and you’ll typically find that they adhere to a slightly lower moral standard.
- For this reason, it’s best to know their code of ethics ahead of time so you know what to expect over the course of your working relationship. It’s more than fair to consider it a hard no if a potential financial planner is not a fiduciary.
WHAT IS A FIDUCIRY RELATIONSHIP BETWEEN CLIENT AND FINNACIAL ADVISOR: HOW TO FIND A FIDUCIARY FINANCIAL PLANNER IN TAMPA
Where a fiduciary relationship exists between financial advisor and client, the advisor must not profit from recommendations that are not clearly in the best interests of the client.
A breach of this duty would occur, for example, if an advisor recommends a product in which they have commercial interest despite this not being the best fit for the client.
WHO SHOULD CONSIDER HIRING A FINANCIAL PLANNER?
Often when people think about hiring a financial planner, they imagine it for more corporate situations or for individuals running larger businesses.
However, a financial advisor can be a solid fit for anyone, as the majority of people do not have strong money management skills.
Not only does having a financial advisor gives you peace of mind that a plan has been created and set into action to get you to your goal on time, but also there’s a feeling of accountability since you will be working with someone that expects you to adhere to the plan.
CERTIFICATION & ACCREDITATION OF A FINANCIAL PLANNER IN TAMPA
When you’re talking about money and your financial future, it’s important to check that the person you are working with is actually qualified to provide financial advice.
There is no harm in asking to see the financial advisors credentials, and if you like you can even check with the relevant accreditation boards to confirm their certification.
It’s important to keep in mind that while accreditation is a great sign, it is not a guarantee of a great financial advisor, you will still want to ask for references and referrals.
LISTEN FOR THE QUESTIONS OF A FINANCIAL PLANNER IN TAMPA
You can learn a lot about the ethics of a financial planner simply by listening to them speak, but one of the biggest giveaways is the number of questions they ask.
Since everyone’s goals and financial situation is different, there is no one size fits all option.
It’s wise to run away from anyone that claims there is one.
Instead, a financial planner should ask a number of questions to help ensure they understand the full scope of your situation so they can make an adequate plan from there.
HOW TO FIND A FIDUCIARY FINANCIAL PLANNER IN TAMPA: TRUST YOUR GUT
At the end of the day, it’s important to trust your gut.
You’re hiring a financial planner that will be helping you handle your life savings, and there’s no feeling worse than knowing you ignored your instinct and lost money as a result.
If something doesn’t feel right, don’t hire them.
If you’re not sure, continue to contact references until you have a clearer idea about what your planner is about.
FINDING THE RIGHT FINANCIAL PLANNER IN TAMPA FLORIDA
Hiring a financial planner is an exciting and important first step towards creating a financial situation that fits you.
Which is why it’s so important to find someone you trust to help you plan your future.
MINTCO FINANCIAL – FIDUCIARY FINANCIAL PLANNER IN TAMPA
In order to qualify, we’ve had to pass rigorous tests of our independence and expertise in five areas:
1. We are independently owned.
Because unlike most financial planning practices we’re not owned by a bank or other financial institution, we’re under no pressure to steer you towards certain products. Instead, we have complete freedom to recommend the best mix of investments for your situation and your goals.
2. We charge on a fee for service basis.
We charge a fee for a financial planning. This means you can be confident that the advice you receive is unbiased – you’re the only person we’re trying to please. It also gives you complete transparency about what you’re paying for our advice.
3. We have access to independent filtered research.
Too often, financial advisors recommend products based on research paid for by the product manufacturer. Our research, on the other hand, is fully independent. We use are Registered Investment Advisors and Independent Advisors means that our knowledge of products and markets is always up to date and free of conflicts of interest.
4. We are highly qualified.
Our qualifications and experience speak for themselves. As a successful person, you don’t want to hand over the stewardship of your wealth to an adviser without the knowledge and wide-ranging experience to make the most of it.
5. We can assess the full spectrum of products.
Unlike advisers from institutionally owned firms whose education is often limited to a narrow band of products, we can confidently assess the full spectrum of products. This means we’re in a much better position to recommend the right products for you.
It all amounts to peace of mind.
Put all those elements together, and you get an adviser with expert knowledge, well-rounded experience, and complete independence – in other words, someone you can trust to take care of your wealth and help you achieve a prosperous future.
You deserve the best financial advice available. Contact us for a free consultation.
We are available for Skype meetings!