What "fiduciary" means to me
Fiduciary to me is an opportunity.
While other types of advisors may see Fiduciary as a liability because of the higher duty of care and responsibility, I view my Fiduciary role to be a clear result of our fee-only advisory practice.
Fiduciary assures my clients that my overriding responsibility is to provide expert advice to represent my clients’ interests. A much higher level of care than “prudent” or “suitable”, being a fiduciary means if I am unable to offer expert advice, I will ensure the client receives that advice from other experts either on my team or in my network of experts.
Fiduciary also means that my compensation or any potential conflict of interest is clearly stated before any client commitment and at every step on the way. Being fee-only makes this more clear to my clients, because fee-only means I can get no commissions, 12(b)-1 fees, bonuses, prizes, or any other financial benefit from the investments my clients choose.
Using the word Fiduciary, to me, is my opportunity to assure Alpha Financial Management's clients that I am protecting them. I am putting their interests first and foremost.
Blog Entry 07/09/2014 - 6:45pm by Michael Dayoub, CFP®, MBA