How to know if my Financial Advisor is a Fiduciary? Find out NOW!
A lot of Americans want good financial advice. They just don’t know where to find it.
Studies have repeatedly shown that people who have a financial adviser fare better with their investments than those who don’t.
But how do we choose a financial advisor?
The best way to do that is to write out a list of questions in advance and make sure they are all answered before you meet your financial advisor for an interview. Here are some:
- What are your professional credentials? Do you have portfolio manager status? (Only an estimated 4 per cent of advisers have this.
Those that do have a fiduciary responsibility to always put the client’s best interests first.)
- What is your investing philosophy? (You’d be surprised how many advisers skate around this one.)
- What services does your company offer? (Some firms provide brokerage only, others offer a full range including portfolio construction,estate planning and tax return preparation.)
- How would you structure a tax-effective portfolio for this client?
- What would you consider to be a realistic target rate of return in view of this client’s risk profile?
- May we see a sample of your reports? How often are they sent out?
- Do be prepared to provide personal financial details. Any good financial adviser will ask all the details about your financial situation. No one can put together a proper financial plan without knowing all the relevant information. So go prepared.
- A financial advisor acting as a fiduciary to you must act in your best interest all of the time. If they are aware that a superior option exists, they must advise you accordingly. If you are paying for something, you must know
exactly how much. The business relationship simply has to be 100% transparent.
- It’s important that you understand the advice you are receiving very clearly. The best advisor will understand your situation and can fit your investment plan to you, while explaining things clearly. Look for someone who is a professional counselor first and foremost, and not just a businessman and/or investor.
We are Fiduciaries
Mintco Financial Team of Independent Advisors is a Fiduciary and follows the Fiduciary standards:
Trust – A client who trusts his financial advisor can be fully confident that he is receiving the best possible advice
from the best possible advisor. Without trust, confidence cannot be achieved.
Loyalty – An advisor who is loyal to his clients will not be swayed by outside forces to recommend investments with commissions or payouts. With loyalty, clients can be sure their interests are placed first.
Disclosure – A client must know and understand how the financial advisor is being compensated for advice. Further, the client must know whether or not any conflicts exist that may cause a problem with that advisor’s ability to provide truly independent advice. Only with full disclosure can prudent advice be provided.
Call us now if you need to review your portfolio or have questions at 813 964 7100 or 716 565 1300
Email at firstname.lastname@example.org