Definition: “A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients’ interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other’s best interests.”
Now, contrast that with this definition:
Definition: “Broker-dealers have to fulfill what is called a “suitability obligation,” which is loosely defined as making recommendations that suit the best interests of their client. Some broker-dealers feel this is unfair as it may affect their ability to sell investment vehicles that benefit their bottom line, but all a suitability obligation means is that the broker-dealer needs to believe that the decisions they make truly benefit their client.”
Read those definitions again. Everything you need to know about the word “fiduciary” is in these two definitions.
Ultimately, your financial planner and the company they represent is either willing to declare they are a stated full-time fiduciary, or they are not. If they are not, does that make them “unqualified” or “bad.” No. It simply means they are not willing to hold themselves to the legal standard of declaring that they will place your interest above their own.
However, what Tencap asserts is that you are far more likely to invest in products, funds and accounts that are intelligent and prudent, working with an advisor and a company that is willing to hold themselves to the higher legal fiduciary standard; one that demands that you, the client, are at the forefront of each recommendation.
You can count on the financial advisors of Tencap Wealth Coaching to hold to the fiduciary standard. We offer recommendations and advice that place your interests first.
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