You’ve worked long and hard to grow your wealth, so going at your financial plan solo may not be the best idea. After all, developing strategies and tools to do that can be both daunting and time-consuming—and we know you don’t need to put anything else on your plate. This is where enlisting the help of a financial advisor could make a world of difference.
You wouldn’t hand over your house keys to a stranger; similarly, you don’t want to entrust your money to just anybody. With something as important as your finances, you want to experience the peace of mind that comes from the guidance of someone with knowledge and experience that relates to your unique situation.
If you’ve spent any time Googling, you know the challenge isn’t finding a financial advisor—it’s finding the right financial advisor. How do you know you’re working with someone who puts you first and doesn’t have ulterior motives for your wealth? The answer to this all-important question can be summed up in just one word: fiduciary.
One simple way to narrow the field is to limit your search to advisors with a fiduciary duty to their clients. Financial advisors and planners categorized as fiduciaries are legally bound to put the best interests of their clients above all else. In the world of wealth management, this is an important distinction.
Many experts recommend narrowing the field even further by seeking out a fee-only fiduciary. This refers to how your financial advisor earns their income. While some advisors and planners earn commissions on transactions for products that they sell, a fee-only fiduciary is compensated through an established fee specific to the services they provide. A fiduciary advisor can’t, for example, suggest you buy a security that will provide a kickback for them but not benefit you. They aren’t out to make a commission or sale. Their number-one priority is giving you advice that helps you reach your financial goals.
Why Should I Work With a Fee-Only Fiduciary?
There are several benefits to working with an advisor who serves in a fiduciary capacity. By working with an advisor who is bound to the fiduciary standard, you can feel empowered that the investment advice you receive for yourself and your finances is tailored to you. Clients have the ability to ask questions and access the highest value for the service that advisors are providing.
Personalized, Unbiased Advice
As an independent advisor, the guidance I offer my clients is objective and unbiased because I am not tied to any particular financial company or investment firm. This means I can analyze your complete financial picture, gain an understanding of your life circumstances, dreams, and concerns, and recommend financial strategies that fit you. I don’t stay within one investment firm or recommend products to meet quotas. As such, you can count on me as a fiduciary advisor to develop financial plans that are tailor-made to fit your needs.
If you’ve ever been sold on an investment or banking product by an overzealous company rep, you know well how feelings of doubt can cloud the interaction. Even when their company’s latest financial products seem like good deals, you’re almost always left wondering if those products and money moves are right for accomplishing your unique set of financial goals. Avoiding these kinds of scenarios altogether can save both money and countless hours of worry.
The relationship you form with your financial advisor must be built on transparency, excellence, and trust. Anything short of that is a non-starter. At Infiniti Wealth Management, we know our clients personally and have developed close relationships with many of them. Because of this, we only offer advice that is aligned with our clients’ goals and make a point to keep up with any change in our clients’ situations that could affect their financial plan. Rather than being static, our financial plans grow with you. They are built to fit your life, not the other way around.
It’s All About You
Partnering with a fiduciary gives you access to expert strategies and tools for maximizing the potential of your financial investments as well as a knowledgeable guide to help you navigate every twist and turn. Whether you’re facing divorce, widowhood, or any other challenge, working with a fee-only fiduciary can help you make financial decisions with confidence. Your future self will thank you!
Are you unsure about your current financial strategies? Has it been several years since you reevaluated your investments? Are you feeling anxious about the next stage of life? Or are you just interested in learning more about what it means to work with a fiduciary? Whatever the case may be, we invite you to schedule a complimentary consultation. Call our office at 845-278-8638 or send us a message today, and let’s see if we are the right firm to help you on your financial journey.
Michael Durante is a founder, Certified Financial Planner™ (CFP®), and Certified Divorce Financial Analyst™ (CDFA®) at Infiniti Wealth Management, an independent, fee-only financial advisory firm. With over 25 years of experience, Mike specializes in serving women who are going through a life transition, whether that’s a divorce or the death of a spouse, as well as pre-retiree and retiree couples. He is passionate about helping his clients develop a personalized financial plan based on their values and goals so they enter retirement with confidence and peace of mind. Mike has both a bachelor’s degree in business administration and an MBA from Pace University. When he’s not working, Mike loves spending time outdoors hiking, biking, walking, golfing, campfires, the beach and doing yard work, as well as spending time with family and friends. Mike also enjoys to read, travel, and check out local restaurants and events. To learn more about Mike, connect with him on LinkedIn.
October 25, 2021 - Michael Durante, CFP®, CDFA®