“The World Would Be a Better Place, If……”

April 5, 2023

The word FIDUCIARY is batted back and forth in our industry, in an oftentimes confusing manner. “I’m the only fiduciary in town,” or

“Not everybody is a fiduciary.” This approach leaves consumers confused, and perhaps even more distrusting of those in the financial services industry. And so, it can become the holy grail, and a bigger deal than it really is.

Basically, a fiduciary is somebody who ALWAYS does what is in the client’s best interest, irrespective of how that financial professional is compensated. Whether that individual is paid a fee or a commission,

The advisor is obligated, morally and ethically, to recommend, present, and implement THE BEST strategy for the client, while fully disclosing how they are compensated. As you might imagine, it is sometimes easier said than done.

I can only imagine how much better society would function, if EVERY INDIVIDUAL, regardless of profession or status in life, operated under a fiduciary standard. From the plumber you employ to fix a leaky bathtub, to the auto mechanic doing a radiator flush, or the solar company giving you a quote for your home…. imagine if they ALWAYS did what was in your best interest, regardless of how much money they were going to make. Wouldn’t the world be a better place??

Wouldn’t customer service take a giant leap forward? Wouldn’t everybody benefit if this became a universal mandate?

I can only imagine….