Do you know what a fiduciary is? A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other asset for another person. Most are not familiar with the exact definition as you can see in Tony Robbins video. This is a topic we struggle with here in the trust world. Far too many instances, we hear stories of clients not being taken care of properly and end up being taken advantage of. Most believe if they're doing something with their finances, they're in good shape. Too many times we've seen so many people taken advantage of due to not working with a true fiduciary. One who has the clients best interest in mind, not theirs. A figuciary is legally responsible to look out for your best interest. When someone is legally responsible, you can bet they're going to properly do their job and not sell you product(s) as they make substantial commission based fees on over and over again depending on how many times they move you in and out of funds. When you are a true fiduciary and are legally responsible, there isn't a conflict of interest. Ever.
Leave a comment for this blog post: