Don’t feel bad if you don’t know the answer to this. The vast majority of American investors don’t know what a fiduciary is, let alone if their advisor is one.
Financial professionals can be held to very different standards. Wall Street brokers don’t have to disclose conflicts of interest or put you first. Their recommendations only have to be suitable.
On the other hand, private wealth advisors that are FIDUCIARIES are legally required to put your interests first, even if that means making less money. Fiduciaries will spend time to understand your goals and provide the best recommendations possible.
Some key benefits of working with a fiduciary include:
- Getting advice based on what’s best for you
- Understanding exactly what you’re paying for
- Getting advice for your complex needs
- Developing a more personal relationship
- Knowing where your money is held
Sarah and David were working with an advisor when they decided to get a Financial Life Inspection® done to make sure their advisor was taking care of their needs. Pacific Capital found that their current advisor was not a fiduciary (he was a Wall Street broker) and was putting too much of their money in one of his friend’s companies that was a start-up and much riskier than Sarah and David could afford to be. They transferred their accounts and are now in a portfolio much more aligned with their goals.
Back to the original question: Are your investments being managed by an independent fiduciary?
If the answer to this question is no or you’re unsure, we need to talk. Pacific Capital is proud to be an independent fiduciary that puts your interests first. We’ll help you achieve your goals and take the stress away from your financial life.