A fiduciary is a person or an organization legally bound to act in the best interests of their clients. At SBS Retirement Consultants, we take pride in our fiduciary designation and the commitment it represents to our clients. This designation sets us apart and ensures our recommendations are unbiased and align with our clients’ long-term financial objectives. With our fiduciary duty, you can trust that we will manage your retirement assets with the utmost care, transparency, and integrity.
The Role of Fiduciaries
Fiduciaries are entrusted with the responsibility of managing assets and making financial decisions on behalf of their clients. Fiduciaries can be financial advisors, estate planners, trustees, or corporate executives. Regardless of their specific title or role, fiduciaries must prioritize their clients’ best interests above all else.
Importance of Fiduciaries
Working with a fiduciary offers numerous benefits. First and foremost, fiduciaries are legally obligated to act solely in the best interests of their clients. This means they must provide unbiased advice and recommendations by carefully considering their clients’ financial goals and circumstances. By working with a fiduciary, you can be confident that your interests are protected.
Another advantage of working with a fiduciary is the level of expertise and knowledge they bring
to the table. Fiduciaries often have extensive experience in the financial industry and stay up-to-date with the latest trends and regulations. This allows them to provide valuable insights and guidance to impact your financial decisions positively.
Fiduciary Duty and Obligations
Fiduciaries have a fiduciary duty, which is a legal obligation to act in the best interests of their clients. This duty includes several specific responsibilities and ethical guidelines that fiduciaries must adhere to:
Loyalty:
Fiduciaries must act in a trustworthy and loyal manner, always putting their clients’ interests first and avoiding conflicts of interest.
Prudence:
Fiduciaries must exercise prudence in managing their clients’ assets, making informed and sensible decisions.
Full disclosure:
Fiduciaries are required to be transparent and provide complete and accurate information to their clients.
Confidentiality:
Fiduciaries must maintain strict confidentiality regarding their clients’ personal and financial information.
By having these obligations, fiduciaries are held to a higher standard than other financial professionals.
Choosing the Right Fiduciary
When selecting a fiduciary, it is important to consider a few factors. First, look for qualifications and experience. A fiduciary with relevant certifications and a solid track record can provide financial clarity. Additionally, reputation is key. Seek recommendations from trusted sources and research the fiduciary’s reputation and client reviews.
We have moved away from a commission-based approach to a fee-based model, so this could be our top priority.
Fiduciary vs. Non-fiduciary Relationships
Understanding the distinction between a fiduciary relationship and other types of financial partnerships is essential. Non-fiduciary relationships may not come with the level of legal protection and obligation to act in your best interests. This can expose you to potential conflicts
of interest and biased recommendations. Working with a fiduciary is a smart option when managing your finances.
Having someone you can trust is important when managing your money or property. Your financial well-being is our top priority, and we are dedicated to helping you navigate your retirement journey with confidence. Reach out to talk about your retirement plan.
