For over a century, Trust Point has assumed the highest level of fiduciary responsibility; to act with our clients’ best interest in mind. Our fiduciary excellence encompasses all that we do, everyday, not because it is a legal requirement, but it is part of our values and professional obligation to our clients.
You’ve probably heard the story before – a friend went to a financial advisor to get solid guidance and all they ended up with was a bunch of financial products they probably didn’t need. Unfortunately, this isn’t uncommon. Many advisors work on commission, referral fees or kickbacks. The more products they sell you, or certain products they sell you, the more money they make, whether it’s in your best interest or not.
At Trust Point, we are a fiduciary. A fiduciary is legally obligated to keep their clients’ best interests in mind. Working on a fee-only model, a fiduciary gets a percentage based on assets under management. We provide advice and expertise so that your portfolio grows. When you do well, Trust Point does well. Our only interest is in you growing your wealth.
When meeting a new financial advisor, this is a key question to ask.
Fiduciary duty is a well-established legal principle backed by decades of precedent. In short, a fiduciary must put your financial interests in front of their own.
This is the “golden rule” of fiduciary duty. A fiduciary must be competent. He or she must never be found to be negligent, deceitful, or self-dealing. Act with prudence; that is with the skill, care, diligence and good judgment of a professional.
Your fiduciary is looked at as the expert in your financial relationship. As such, they must be both competent and loyal. This is their field of knowledge and they should be trusted to decide on an appropriate course of action for your financial needs.
As a client, it’s easy to be confused or misled about the duties owed to you by your investment professional. The fiduciary standard should be applied in disclosures so that, you’ll have the information you need to establish a long-term relationship of trust.
Fiduciaries avoid conflicts of interest whenever possible. Trust is of utmost importance – if the client questions his fiduciary’s loyalty, the relationship won’t work.
The fiduciary should remove any impediments to their objectivity. Fees should be 100% disclosed and 100% transparent.
At Trust Point, we are willing to put our fiduciary standards in writing. Anyone who asserts to uphold a fiduciary standard should be willing to do the same. It’s as simple as that.
At Trust Point, we always have our clients’ best interests in mind. We take our role as a guide and advocate for your financial success very seriously. Beyond the legal requirements of being a fiduciary, we are obligated by our principles. For Trust Point to do well, our clients must do well.
Speak to a Trust Point Relationship Manager who acts with only your best interest in mind. Click here to start the conversation or call 800-658-9474.