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  • Writer's pictureMike Rogers

How a Fiduciary Financial Advisor in Minnesota Can Help

Updated: Mar 19

By Mike Rogers, AIF®, Founder and President of 360 Financial


Mike Rogers is a fiduciary financial advisor with over 30 years of experience in the financial services industry as an investment advisor and financial planner. He founded 360 Financial in 1995 and holds series 7 and 63 security registrations with LPL Financial.


What is a Fiduciary?


A fiduciary is an individual or organization legally required to act in the best interest of another party.


Fiduciaries must prioritize the interests of their clients above their own, which eliminates potential conflicts of interest and ensures you receive the highest standard of service and care.


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What is a Fiduciary Financial Advisor?


A fiduciary financial advisor is a finance professional who is obligated to act in their client’s best interest.


They provide financial advice and recommendations based on the client’s specific needs, goals, and circumstances rather than focusing on products or strategies that might benefit the advisor more than the client. 


For example, a fiduciary financial advisor can’t recommend a mutual fund that gives them a nice commission unless this mutual fund is the absolute best product for their client. When you work with a fiduciary, you don’t have to worry about being “sold” products you don’t need. Your advisor is legally required to act in your best interest at all times. 


How to Find a Fiduciary Financial Advisory in Minnesota


To find a fiduciary financial advisor in Minnesota, search for advisors with certified designations such as Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC). You can use online resources like the National Association of Personal Financial Advisors (NAPFA) or the Financial Planning Association’s (FPA) database. 


Always verify the fiduciary status by asking directly or checking the advisor’s Form ADV.

At 360 Financial, we are financial advisors, financial planners, wealth managers, and fiduciaries. 




Is it Better to Have a Fiduciary Financial Advisor?


Opting for a fiduciary financial advisor can be beneficial as they are required by law to act in your best interest. This obligation reduces the risk of conflicts of interest and ensures that your advisor’s recommendations align with your financial goals. However, it’s also important to consider an advisor’s qualifications, experience, and fees to ensure they are a good fit for your financial situation.


Understanding the Fiduciary Standard in Financial Advising


The fiduciary standard in financial advising refers to a strict code of conduct to which advisors must adhere. This standard requires advisors to act in a client’s best interest, avoid conflicts of interest, and disclose any potential conflicts. It’s a higher standard of care compared to the suitability standard, which only requires advisors to recommend suitable products.


Ethical Responsibilities of a Fiduciary Financial Advisor


Fiduciary financial advisors are bound by ethical responsibilities, including good faith and trustworthiness. They must provide accurate and complete information and diligently monitor and manage a client’s assets. They are also responsible for maintaining confidentiality and avoiding conflicts of interest.


Impact of Fiduciary Duties on Investment Strategies


Fiduciary duties significantly influence investment strategies. Advisors must consider the client’s financial goals, risk tolerance, and time horizon when making investment recommendations. They cannot recommend any investments that are not the absolute best fit for a client. This typically results in strategies tailored to each client’s unique situation rather than a one-size-fits-all approach. 


Regulatory Compliance for Financial Advisors


Like other U.S. states, financial advisors in Minnesota are subject to regulatory compliance. They must adhere to the rules set forth by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). Compliance includes accurate record-keeping, transparent fee structures, and regular audits.


Conflict of Interest Management for Financial Advisors with Fiduciary Duty


Fiduciary financial advisors are required to manage conflicts of interest effectively. They must disclose any potential conflicts to their clients and take necessary steps to mitigate them. This ensures transparency and maintains the trust between the client and the advisor.


Fiduciary Responsibility in Retirement Planning


In retirement planning, a fiduciary’s responsibility is to provide advice that best suits the client’s retirement goals. This may involve suggesting suitable investment options, ensuring the client is maximizing their retirement benefits, and planning for a sustainable income during retirement.


The Consequences of Breaching Fiduciary Duties


Breaching fiduciary duties can have severe consequences. If a financial advisor does not act in the best interest of their client, they could face legal repercussions, potentially involving financial restitution and damage to their professional reputation. 


In some cases, advisors may lose their licenses or be banned from practicing. Clients who believe their advisor has violated their fiduciary duties can report their concerns to regulatory bodies such as the SEC or FINRA.


Fiduciary Duties in Estate Planning and Wealth Transfer


A fiduciary financial advisor’s role extends to estate planning and wealth transfer. They are expected to guide clients through the complex process of planning for the distribution of their assets upon their death. This includes understanding the client’s wishes, recommending appropriate estate planning tools (like wills or trusts), and potentially coordinating with attorneys or tax professionals. Moreover, they have to ensure a smooth, efficient transfer of wealth with minimal tax implications, always acting in the client’s best interest.


Evaluating the Performance of a Financial Advisor


Evaluating the performance of a financial advisor is not just about assessing the financial returns. It also includes reviewing how effectively they communicate, their responsiveness to your needs, and their ability to proactively address changes in your financial situation or the market. Advisors should provide clear, regular updates on your investments and be willing to discuss their decisions. Additionally, an advisor’s performance should align with your financial goals, risk tolerance, and investment timeline.


Remember, a fiduciary financial advisor’s primary obligation is to put your interests first.


5 Tips to find the right fiduciary financial advisor


Connect with a Fiduciary Financial Advisor in Minnesota


If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial. 


Founder and CEO of 360 Financial, Mike Rogers, has been a financial advisor for over 30 years. As a fiduciary, he always puts his clients’ best interests first and is dedicated to helping them achieve their big-picture financial and life goals. With his growing team, Mike is committed to providing outstanding financial services to successful professionals and business owners so they can live their lives on their own terms and leave a positive legacy. 


360 Financial is one of Minnesota’s best independent wealth management firms. 360 works with clients in Minnesota and across the US. If you’d like to work with a team that always puts you first and is committed to helping you create a lasting legacy, please get in touch. 





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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.






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