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Defining Fiduciary: An Unfamiliar Word with a Lucrative Meaning

The term “fiduciary” is defined as “one who holds a fiduciary relation or acts in a fiduciary capacity.” It’s not exactly the most helpful description.

For a term that has existed since the 1600’s, fiduciary has certainly done a good job of concealing its meaning.

A more helpful definition might be: “someone to whom property or power is entrusted for the benefit of another.”

Now that we can understand.

The most reputable financial advisors are fiduciaries -- professionals sworn to act in your interest while managing your assets or money. In other words, rather than making recommendations in their own self-interest (i.e by pushing products that earn higher commissions, etc., a fiduciary financial advisor is obligated to make recommendations that benefit you.

The advantages of working with a fiduciary are numerous. A Northwestern Mutual study uncovered that American adults who work with a financial advisor reported “substantially greater financial security, confidence, and clarity than those who go it alone.”¹

Given such a clear advantage, shouldn’t all Americans be working with a financial advisor by now? Perhaps. But not just any financial adviser will do. Finding a fiduciary with a reputation for acting in customers’ interest, growing wealth, and advancing their interests takes time and effort.
 
Google search engine results related to the topic reveal a desperate search for direction. “Best fiduciary financial advisor,” “fiduciary financial advisors near me,” and “financial investment advisors near me” each garner hundreds of searches each day.

We think that selecting a fiduciary shouldn’t require this much work. And now, it doesn’t.

Our free matching tool helps Americans get matched with up to three advisors so that they can compare and decide which advisor is best/right for them. Just answer a few short questions before receiving the names of up to three fiduciary financial advisors that serve your area. After that, the choice is yours. 

Click Your State to Get Matched With Financial Advisors Who Serve Your Area

After you choose your state and answer a few questions, you can compare up to three advisors that serve your area and decide which to work with.

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SmartAsset

Empowering people to make smart financial decisions.

SmartAsset Advisors, LLC (“SmartAsset”), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset’s services are limited to referring users to third party registered investment advisers and/or investment adviser representatives (“RIA/IARs”) that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset does not review the ongoing performance of any RIA/IAR, participate in the management of any user’s account by an RIA/IAR or provide advice regarding specific investments.

We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.

Other than application and licensing fees, SmartAsset did not provide compensation for the aforementioned awards.  

This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.

Sources:
1. Northwestern Mutual study (2020).

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