The benefits of working with a Fiduciary Financial Advisor are easy to see. These advisors are legally obligated to put their clients’ financial interests above their own, and they have to disclose how they’re compensated and avoid potential conflicts of interest that could affect the recommendations they make.
Yet not all financial advisors are required to be fiduciaries. Here’s how to figure out whether the financial professional you’re working with has your best interests at heart:
15 Duties Owed To Clients:
1. Fiduciary Duty to Clients
2. Disclose and Manage Conflicts of Interest
3. Providing Information to Clients
4. Communicating (Clearly) with Clients
8. Sound and Objective Professional Judgment
10. Confidentiality and Privacy
11. Properly Representing Compensation Method
12. Due Diligence Duties When Recommending, Engaging, and Working with Additional Persons
13. Comply with the Law
14. Duties When Selecting, Using, and Recommending Technology
15. Not Borrowing From, Lending To, or Commingling Financial Assets with Clients
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.
There is a growing community of financial advisors in the United States who believe strongly in the power of the fiduciary standard, and who choose to their clients’ interests above all else. The advisors at Manna Wealth Management embrace the fiduciary standard represent the future of financial advice, where people can rest assured that their advisors always put their best interests first.