#fiduciary, #ria, #boltwm
I am a proponent of delivering education to friends, family and the public when it involves clarifying the different types of advisers. With handling such an important asset, pun intended, it's warranted to do your homework and know which adviser is right for you.
I have come across an article that does a very good job in shedding more light with this topic and in the interest of not recreating the wheel, I am sharing this article below while highlighting key points that stood out to me.
The notion of what it takes for an advisor to serve as a “true” fiduciary is a topic I discussed with Mark Tibergien, CEO of BNY Mellong Pershing Advisor Solutions, on a recent podcast episode. Why do so many wirehouse advisors find themselves at a crossroads between acting in their clients’ best interests and serving at the behest of their firm—and what does this mean for the industry at large?
With the push to sign on to retirement programs a hot topic among wirehouse advisors and the next gen, independent advisors are looking at the future through a different lens. They recognize that they own the firm and look at it as a “business”— with a focus on planning for succession and continuity through inorganic growth and building a legacy with a lifetime well beyond their own.
Ultimately, a fiduciary operates without conflict and with one driving force: the clients’ best interests.
As this sentiment among advisors grows, it will continue to serve as one of the most significant catalysts for migration to the independent space.
Source URL: https://www.wealthmanagement.com/careers/what-makes-financial-advisor-true-fiduciary