A Guide to Finding a Fiduciary Financial Advisor in Lehi, UT
Finding unbiased financial advice can be challenging, as many financial professionals may have their own interests in mind. This is where a fiduciary financial advisor comes in. In this blog, we explore what a fiduciary financial advisor is, some of the advisors who are fiduciaries, and how to find a fiduciary financial advisor in Lehi, UT.
What a Fiduciary Financial Advisor Is
A fiduciary financial advisor has a legal obligation to act in clients’ best interests. This means they must put their clients’ needs before their own. A fiduciary must fully disclose any conflicts of interest and must not engage in any practices that would be considered unethical or illegal.
Kind of Advisors Who Are Fiduciaries
Several types of financial advisors are considered fiduciaries, including Registered Investment Advisor (RIA) firms and CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals.
RIAs are regulated by the U.S. Securities and Exchange Commission (SEC) or a state regulatory agency. The firms and their advisors must act as fiduciaries for their clients.
CFP® professionals have one of the most highly respected designations in the financial services industry. They must meet comprehensive education and experience requirements to indicate they can provide financial planning based on a client’s goals. They are also held to a fiduciary standard.
In addition to being fiduciaries, some financial advisors may identify as fee-only and independent. “Fee-only” means the advisor earns their compensation solely from the fees they charge their clients. They do not receive any commissions or incentives from third-party providers. Fee-only advice helps eliminate potential conflicts of interest so that the advisor makes recommendations in their clients’ best interests.
“Independent” means the advisor operates their own practice and is not affiliated with any financial institutions, such as a bank or brokerage firm. This helps give the advisor the freedom to provide objective advice that is not influenced by any outside parties.
Choosing a fee-only, independent, fiduciary advisor can provide several benefits. First, you can feel more confident your advisor is not swayed by outside influences and is making recommendations with your best interest at heart.
Second, a fee-only model helps minimize or eliminate potential conflicts of interest, so you can better trust the integrity of the advice you receive. Finally, working with an independent advisor could give you peace of mind that your advisor is accountable only to you and is not influenced by any outside parties.
Finding a Fiduciary Advisor in Lehi, Utah
If you’re looking for a fiduciary financial advisor in Lehi, there are several steps you can take. First, you can do a Google search for a term such as “fiduciary financial advisor Lehi UT.” You will receive results for fiduciary advisors in the area who may also be independent and fee-only. (Be aware that you may receive ads for non-fiduciary professionals. Make sure to do your research before committing.)
Another option is to look on FeeOnlyNetwork.com, which lists only fee-only, independent, fiduciary advisors. Finding an advisor here could give you peace of mind that you’re working with someone who has a legal obligation to act in your best interests.
You can also ask friends, family, and professionals like your CPA for recommendations. Referrals are a powerful tool and can help you find a trustworthy advisor.
When you’ve found a few advisors who seem like good fits, schedule a complimentary call with them. This consultation will give you an opportunity to discuss your goals and get to know the advisor before deciding.
Schedule a Call
In conclusion, a fiduciary financial advisor has a legal obligation to act in clients’ best interests. By finding a fiduciary financial advisor, you can feel more assured that your advisor is working for you and that your financial goals are their priority.
Our fiduciary, fee-only financial firm offers a 15-minute call to discuss your concerns and situation. Schedule a call today.
This material was generated using artificial intelligence (ChatGPT) and edited by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax, or legal advice.
Parkshore Wealth Management is a family-owned, independent, fee-only Registered Investment Advisor with offices in Roseville and Folsom, CA, and Lehi and Logan, UT. We partner with financially responsible individuals and families who are eager to take positive steps that will allow them to use their money to build the life they desire. The firm is led by Harold Anderson, CFP®, and Daniel Andersen, CFP®, both members of NAPFA, the country’s leading professional association of fee-only financial advisors.