You might see on our website that our advisors adhere to something called a "fiduciary standard.” But the term can be confusing for people who aren’t in the investment advisory business.
The fiduciary standard is a legal concept, but its core idea is not complicated. To act as a fiduciary means we professionals have to put aside our own financial interests, and also put aside the business/financial interests of any company we may be affiliated with, and give recommendations that are solely and completely in the best interests of people like you, our customers or clients.
In other words, our recommendations have to be made with only one concern: is this the best thing I (the professional) can do for you, given what I know about who you are and what you want and need?
So what does it mean NOT to be a fiduciary? Imagine that there were two kinds of health practitioners in the world. One group functions much like doctors do today: they work out of independent medical offices, meet with you, diagnose your ailments, prescribe a medical solution that they believe is the very best course of treatment, and you pay them directly for this service.
The other group of health care providers operates somewhat differently. They wear white coats, which makes them look just like doctors. Their office looks like a doctor’s office, but it is actually the branch office of a large drug company which requires its white-coated employees to give you an examination and then, no matter what’s actually wrong with you, they will prescribe those drugs which are most profitable to the company.
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