What is a Fiduciary?

Rather and Kittrell is a fiduciary advisory firm. In legal terms, fiduciaries have a unique duty of care with clients. They put their client’s interests above everything else—including their own financial interests. A fiduciary is an individual or organization that has taken on the responsibility of acting on behalf of another person or entity with honesty and integrity, and aren’t afraid to put it in writing.

We all work with a variety of professional experts throughout our lives, like doctors, attorneys and accountants, and we expect them to adhere to a certain basic ethical standard. But, what would you do if you found out that your doctor accepted money for prescribing drugs that weren’t effective for patients? What if your attorney hired friends for expert testimony rather than someone who was a true expert in their field?

We wouldn’t accept those results.

However, many investors don’t hold their wealth managers to the same basic standards. They assume that they are the experts and that their model for fees, purchases, and advice has their best interest as the guiding factor in all decisions; that isn’t always the case. There is a significant percentage of “financial advisors” who are not true fiduciary financial advisors.

True fiduciary financial advisors must:

  • Put their clients’ best interests before their own, seeking to obtain the best prices and terms.
  • Act in good faith and provide all relevant facts to clients.
  • Avoid conflicts of interest and disclose any potential conflicts of interest to clients.
  • Do their best to ensure the advice they provide is accurate and thorough.
  • Avoid using a client’s assets to benefit themselves, such as purchasing securities for their own account before buying them for a client.

We accept the responsibility as a fiduciary to our clients. We are legally bound to put your best interests first. Come talk with us more about what that means to you.

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