Making a plan for your financial future is one of the smartest things that you can do. And, perhaps an even more pragmatic thing to do is that of hiring a financial advisor to help you identify financial goals and how to achieve them over the years. But you don’t want just anyone providing you with financial advice; you want a financial advisor who is a fiduciary.
A fiduciary is more than just a person (or an institution) that works on behalf of another for the purpose of managing assets; instead, a person who is a fiduciary owes another fiduciary duty. That is, a high legal duty to act in the best interests of the other party, as well as the duties of good faith and trust. Breaching this duty is a breach of fiduciary duty, which is a tort and cause for civil action.
When you hire a financial advisor who is a fiduciary, you are hiring someone who has a legal responsibility to act in your best interests. This means that they cannot advise you to do something that may be contrary to your best interests, but would instead yield some sort of return or benefit for them. Your fiduciary financial advisor must:
When you don’t have a financial advisor working for you who is a fiduciary, you do not have these same legal protections in place. You’ll have the confidence that knowing that any conflicts of interests of your financial advisor will be disclosed to you (this is required under law) and that all financial decisions made by your advisor will be shared with you. You’ll be kept in the loop, have a better understanding of your finances and your investments, and have the right to take legal action should any breach of fiduciary duty occur.
At Harvest Wealth Partners, our team is comprised of Investment Advisor Representatives (IARs) and CERTIFIED FINANCIAL PLANNERS™ (CFP®s)- both types of professionals owe a fiduciary duty to their clients by virtue of their professional designation. When you work with us, you are choosing fiduciary financial advisors who are not only legally obligated to work in your best interests, but who truly care about you, too.
To learn more about our IARs, CFP®s, and financial planning services for clients in Indiana, please reach out to us today by phone or online. Initial meetings are offered free of charge.
Harvest Wealth Partners is committed to helping our clients work towards a successful future. We believe in your potential to understand the financial options that can lead you to your goals. Call us today to partner with our team. We look forward to continuing our mission for years to come.
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