A fiduciary is a person who is legally or ethically required to act in another person’s best interest. Typically, a fiduciary takes care of assets for another person which is why it is important that there is a certain level of trust.
The discussion of fiduciary status often arises in conversations regarding financial advisors, also referred to as investment advisors. This is because financial advisors can become licensed to sell investment products. If a financial advisor is given the authority to buy or sell securities on their client’s behalf, it is important that their client can trust that the advisor is acting in the client’s best interest.
If you plan to work with a financial advisor, it is important to ask the question “are you a fiduciary?” and to decide whether you are comfortable with their answer. Their response should be a simple “yes” or “no”.
As a financial life coach, my commitment is to help my clients identify and realize their long-term financial goals. This can include providing financial literacy education, helping clients to stay focused during difficult times, and motivated during positive times.
My approach stems from the belief that people can be empowered to be their own financial advocates. An individual’s financial health is an important component of their everyday lives. If they decide to allow other people - such as family and friends - to act on their behalf, they should not do so without clear understanding and consent. Clients are encouraged to discuss topics which may be uncomfortable or confusing in order to break through barriers which impede their life goals.
Please note that I am not a financial advisor or investment advisor. While my coaching services are always provided with my client’s best interest in mind, I do not act on my client’s behalf. As stated in my Terms and Conditions, my services do not constitute an offer to sell investment services or securities. Meaning, I will not offer to manage your portfolio or buy/sell stocks on your behalf. If this is what you are seeking, I suggest you research Registered Investment Advisors in your area.