Fiduciaries are different from other financial advisors structurally, philosophically and legally. There are a multitude of advisors ready to offer financial advice and manage your investments—brokers, investment managers, life insurance agents, Certified Financial Planners. But only fiduciary advisors like Fiduciary First Advisors work solely in your best interests.
That’s because the fee you pay Fiduciary First Advisors for financial planning and management is our only compensation. We do not receive any compensation from financial products—no commissions, no transaction fees, no bonuses, no free travel or other non-cash gifts, nothing that could potentially compromise our recommendations. That means we actively seek to avoid conflicts of interest. That’s the fiduciary advantage. Compare for yourself.
The difference is even recognized in Federal law. Whereas brokers are required to merely to recommend investments that are “suitable” for the client, fiduciaries must act only in the client's best interests, which is a much higher standard.
Check out this great whitepaper - Key Principles for Fiduciary Best Practices and an Emerging Profession - for more input on why the Fiduciary Standard is so important!