Guidance that is truly objective
Fiduciary Adviser
At Wagner Wealth, we are dedicated to offering unbiased financial advice that puts your needs first. As fiduciaries, we ensure that your interests are our top priority, with no hidden fees or conflicts of interest.
What is a Fiduciary?
At its core, a fiduciary is an individual or firm that is legally obligated to act in the best interests of another party, putting their needs first at all times. Those who operate under the fiduciary standard must always prioritize the client’s welfare, ensuring that recommendations and advice are in the client’s best interest, without any conflict of interest.
However, not all financial advisors are fiduciaries. For example, brokers, who often refer to themselves as “advisors” or “financial advisors,” are generally not held to the fiduciary standard. Instead, brokers follow the “suitability” standard, meaning they are only required to recommend products that meet the client’s basic needs, rather than ensuring the best possible outcome for the client. Brokers can also earn sales commissions on the financial products they sell, which can create incentives to recommend products that are more profitable for them, even if those products are not in the client’s best interest.
A Different Standard of Care
Firms providing investment advice are generally held to either a “suitability” standard or a “fiduciary” standard. Under the suitability standard, which typically applies to brokers and insurance agents, the financial advisor can recommend investments as long as they meet a client’s basic needs. However, this standard doesn’t require the advisor to prioritize the client’s best interests above their own or the firm’s financial gain. For example, a broker may recommend a product that offers higher commissions, even if there is a more suitable, less expensive option available. The suitability standard allows for the possibility that the advisor’s recommendations may not always align with the client’s optimal financial interests.
In contrast, the fiduciary standard requires that a fiduciary advisor always act in the client’s best interest, even if it means foregoing higher compensation.
A fiduciary must disclose any potential conflicts of interest and clarify all sources of compensation associated with their advice, ensuring transparency and trust in their recommendations.
Wagner Wealth is a fiduciary adviser who operates by the fiduciary standard of care.
Did you Know?
Allow us to clear up something. Brokers do not have to recommend the best product or strategy for you. Fiduciary advisers do.
Moreover, about 90% of the 300,000+ financial advisors in America are brokers, regardless of the title on their business card.
So why aren’t American professionals obliged to act as fiduciaries? Actually, they are — except for most financial professionals. Doctors and lawyers and certified public accountants in the United States are legally required to act in the best interest of the people they help. Yet brokers and most financial advisors get a free pass.
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