As a true fiduciary advisor we act in your best interest at all times.
You worked hard to get where you are today. You need advice that’s high quality and in your best interests to make sure that all your hard work and lifetime of savings is protected.
Unfortunately, that’s not always easy to find. Did you know that not all people that call themselves “financial advisors” are required to put your interests first?
Believe it or not, there are two entirely different legal standards to which financial advisors and financial planners are held:
- The “fiduciary” standard, which requires them to always put your interests first.
- The “suitability” standard, which simply requires them to recommend something suitable to you (even if it pays them a higher commission).
As you can see its critical to know who you are dealing with.
Insist on a Fee-Only Fiduciary
At Paradigm Financial Advairs, we act as your fiduciary. We also are “fee-only” meaning we only get paid by you, our clients, with fees. That means:
- We do not accept commissions.
- We do not accept any form of compensation from third parties.
- With no commissions and no sales, we’re only loyal to you.
We’re 100% Fee-Only (Not “Dual Registered)
As a completely independent firm, we have no affiliation with any broker-dealer or insurance company. We do not sell life insurance or annuities for commission.
Why does that matter?
Some financial advisory firms will call themselves “fee-based”. In reality, they do charge fees, but they also collect commissions for insurance and annuity sales. The current laws allow these dually registered advisors to “wear two hats” when working with their clients. Brokers and insurance agents often set up Registered Investment Advisory firms so they can hold themselves out as a “fiduciary” but then a minute later they can put on their “salesperson hat” and avoid fiduciary liability when they sell their clients annuities, life insurance, and other products that pay them huge commissions.
If you would like to learn more about the fiduciary standard and the dangers associated with working with dually registered advisors, please go to www.thefiduciarystandard.org.
