Suitability Vs. Fiduciary

Suitability Vs. Fiduciary

The Suitability Standard

Brokers and advisors who operate under the suitability standard offer you products for sale from a range of products carried by the company he or she represents.  By law, the advice or products they sell you simply must be suitable for you.  Or, in other words, the advice may or may not be the best advice for your given situation or investment objective. The product pitch often takes precedence over your needs and goals.

Kind of like selling a Porsche to a newly licensed teenager. Is it suitable? Maybe. But as a fiduciary is it prudent to put an inexperienced driver behind the wheel of a race car? Probably not!

The Fiduciary Standard

An advisor operating under the fiduciary standard must present, by law, the “best advice” he/she can give, taking into consideration the needs, wants and objectives of the individual.  The client’s needs and personal objectives must come first.  The main focus is you and this is known as the higher standard. In fact, legislation has been passed in recent years to encourage financial people from raising their standards to that of a fiduciary.

Dually Licensed

One last thing, it’s important to work with a financial advisor who is dually licensed which means they have both a securities license and an insurance license. An advisor who has both has a much broader universe of options to offer you and as a result are not beholden to any one product or company. It’s just like going to a Ford dealership, are they going to suggest a Toyota even if it’s better for you? A dually licensed financial advisor has more options and in the end you benefit from those increased capabilities.

Fiduciary duty extends solely to investment advisory advice and does not extend to other activities such as insurance or broker dealer services. Advisory clients are charged a fee for assets under management while insurance products pay a commission, which may result in a conflict of interest regarding compensation.

Strategies for Financial Independence

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We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.

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