What does a fiduciary financial advisor do? A fiduciary financial advisor helps you to navigate complex financial planning and wealth management strategies.
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.
Your fiduciary financial advisor will consider your big-picture financial plan, retirement strategy, tax implications, charitable giving strategies, and multigenerational wealth transfer. They will ensure that all decisions made are beneficial to you. They will typically offer a range of services, from comprehensive financial planning to specific investment management, always with a duty of care that legally binds them to act in your best interests.
A fiduciary financial advisor meticulously analyzes your entire financial situation and crafts strategies aligned with your long-term objectives and risk preferences.
Legally, fiduciary financial advisors are obligated to disclose any potential conflicts of interest and are committed to transparent fee structures. Their legal obligation to act in your best interest prevents biased advice driven by commission motives. In fact, if something is not the absolute best option for you, they cannot recommend it.
By prioritizing your needs, your advisor will seek the most prudent path to safeguard and optimize your wealth.
Common Questions About Fiduciary Financial Advisors
Is a fiduciary financial advisor better than a broker?
A fiduciary financial advisor is often considered better than a broker because they are legally required to act in your best interests, whereas brokers may promote investments that benefit them through commissions.
What is the primary role of a fiduciary financial advisor?
The primary role of a fiduciary financial advisor is to provide comprehensive financial guidance and investment advice that prioritizes the client’s needs and goals above all else. They operate under a strict standard of honesty and transparency.
How does a fiduciary financial advisor help with financial planning?
A fiduciary financial advisor helps with financial planning by offering unbiased, client-focused advice on wealth management strategies, savings, investments, and other financial matters. They ensure that their recommendations align with your long-term objectives and financial security.
Are fiduciary financial advisors only focused on investment management?
No, they are not only focused on investment management; they provide a range of services including financial planning, retirement strategies, tax advice, and estate planning.
How does a fiduciary financial advisor prioritize my financial interests?
They prioritize your financial interests by placing them above their own, offering advice and choosing products based on what’s best for you, not based on personal gain or commission.
Are fiduciary financial advisors legally bound to act in my best interest?
Yes, they are legally bound to act in your best interest, ensuring a standard of care in their advice and services that non-fiduciary professionals are not required to uphold.
Can a fiduciary financial advisor help with retirement planning and estate management?
Yes, they can help with retirement planning and estate management, offering expertise on creating sustainable income streams post-retirement and effectively transferring wealth with minimized tax burdens.
Connect with an Advisor Online or In Person
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.
360 Financial is one of Minnesota’s best independent wealth management firms. We work with clients in Minnesota and across the US. If you’d like to work with a team that always puts your best interests first and is committed to helping you create a lasting legacy, please get in touch.
About the Author
Mike Rogers
Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This customized, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.
In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”
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This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.