1251 North Eddy St. Suite #200
South Bend, Indiana 46617
That means we have a legal obligation to put your interests ahead of our own. It is estimated that approximately 15 percent of all financial advisors meet this fiduciary requirement.
In simple terms, advisors with fiduciary responsibility have a legal responsibility to put your needs ahead of their own. There are a number of important differences that separate advisors who have fiduciary responsibilities from those who don't. NON-FIDUCIARY RESPONSIBILITY.
Industry estimates show that approximately 80% of financial advisors do not have fiduciary responsibility. This includes stockbrokers, insurance agents or simple sales representatives. They may hold various licenses, but since they are not fiduciaries, they are often more interested in selling insurance and investment products than managing your portfolio.
Non-fiduciary advisors are compensated through commissions, which are often equivalent to management fees over several years. In the end, stepping away from one of these products usually involves a hefty surrender fee -- no matter how bad the service or the results.
Titles for non-fiduciary advisors are unregulated, which means they can adopt any title they like: financial adviser, vice president, financial consultant, financial planner or whatever else sounds good. Of course, this doesn't change the fact that they are really insurance agents or brokers. It also doesn't change the fact that they typically do not have a fiduciary responsibility to put an investor’s interests ahead of their own, which means they are generally more interested in selling financial products with the largest commissions.
These sales reps have limited disclosure requirements. Most of them receive a large commission up front on the initial sale, which means they have very little incentive to continue helping the client. FIDUCIARY RESPONSIBILITY.
Some estimates claim that only 20% of advisors have a fiduciary responsibility. The Paladin Registry puts the number even lower, estimating that just one in 12 advisors have fiduciary responsibility. They also state that fiduciary advisors primarily work with investors whose net worth exceeds $3,000,000.
Fiduciary advisors are usually Registered Investment advisors (RIAs) or Investment Advisor Representatives. These advisors are registered with the SEC or the state security division, and they are acknowledged fiduciaries that provide ongoing financial advice and services. Fiduciary advisors receive compensation on a quarter-by-quarter basis for continued services, and that compensation ends if the investor is dissatisfied and chooses to leave the firm.
An adviser with fiduciary responsibilities is held to a higher ethical standard and should have the knowledge to provide sophisticated wealth management services and advice. RIAs are licensed to provide ongoing financial advice, and fiduciary advisors are required to provide disclosure in their ADVs.
The investor must always come first. At Howard Bailey Financial™, we always put your needs ahead of our own and live up to our fiduciary responsibilities.
View "Tony Robbins explains 'fiduciary' to Main Street," HERE!
To schedule a time to discuss your financial future, contact us at firstname.lastname@example.org or call us at (866) 482-9559 today!
View Howard Bailey Financial™ in the local and national media.Learn More
Advisory Services may be offered through Howard Bailey Securities, LLC, a registered investment advisor.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
By submitting your contact information, you consent to be contacted in the future regarding retirement income strategies that utilize insurance and investment products.
*Our firm provides links to third party articles in an effort to assist users in locating information on topics that might be of interest to them. Information presented has not been verified and is not guaranteed, nor can we attest to the accuracy of information provided. Linking to an article or web site does not constitute a representation of the services offered by our firm nor does it constitute an endorsement by Firm of the sponsors of the site or the products presented on the site. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation.
The trademarks “Purpose Based Retirement,” “The Purpose Based Retirement,” and “Howard Bailey Financial” are registered trademarks ofHoward Bailey Financial. All rights reserved.
This site is published for residents of the United States only. Representatives may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. Not all of services referenced on this site are available in every state and through every advisor listed. For additional information, please contact Casey Weade at (260)482-9559 or email@example.com.