Independent Fiduciary Financial Advisors in Granite Bay and Folsom, CA, and Lehi and Logan, UT

At Parkshore Wealth Management, we are a family-owned advisory firm serving financially responsible families and individuals since 2008. With offices in Lehi and Logan, UT, and Granite Bay and Folsom, CA, our Registered Investment Advisory firm serves area residents who are seeking fiduciary tools and techniques to live their “why.”

What is your “why”? And how does a fiduciary advisor help you achieve it? Your “why” is what gets you up in the morning—it is the people and experiences that add meaning to your life. And when you turn to financial advisors to help achieve your why, you should count on the fact that your advisors are working for the same goal. That is why we are fiduciaries.

As a Registered Investment Advisor with the U.S. Securities and Exchange Commission, we have a legal obligation to put your best interests first. And as a fee-only advisor, we earn zero commissions—we get paid by you.

We embrace our status as fiduciary financial advisors throughout the Greater Sacramento, Logan Metropolitan, and Provo-Orem Metropolitan areas because it enables us to serve as your financial advocate. We can provide less biased advice meant only to help you reach your goals.

WHAT IS A FIDUCIARY?

When you go to the doctor, you expect their advice to be in your best interest. Same goes for your attorney. But even if you expect your financial professional to have a similar responsibility to you, that doesn’t mean they do. 

Many financial professionals give recommendations that do not put your interests first. If they earn a commission from a product you buy, then how do you now that product is the best one for you? 

That is why our team believes that working with a fiduciary financial advisor is essential. It is why, when our co-founders, Harold Anderson, CFP®, and Daniel Andersen, CFP®, started Parkshore Wealth Management, they created a fiduciary advisory firm. 

The Suitability Standard

You will sometimes find financial professionals such as broker-dealers acting under the suitability standard. This means that they need to give you advice that is “suitable” for your situation.

Say you are getting close to retirement, and your broker is recommending a certain mutual fund. The mutual fund may have higher fees than other products, but in the broker’s view, it is “suitable” for your situation. They never even tell you about the alternatives. That’s the suitability standard, and it doesn’t have to work in your favor.

A new rule, Regulation Best Interest, says some recommendations need to be in the client’s best interests at the point of sale. But the financial professional would still not have a continuous fiduciary obligation to you. 

Someone with a full-time obligation to advance your interests is going to deeply understand your financial situation, strive to disclose all pertinent information, and tell you if their advice changes.

HOW DO YOU KNOW WHO IS A FIDUCIARY?

When you talk with a potential advisor, make sure to ask them about the fiduciary obligation they have: Is it continuous or at the point of sale? Are they paid only by you? Do they earn any commissions or compensation from anyone else? Will they put everything they just said in writing?

Ask for their Form ADV and Form CRS, which provide details about fee structure, conflicts of interest, disciplinary history, and other essential information. 

Make sure to check with the agency that regulates them. A Registered Investment Advisor—which always has a fiduciary responsibility—will be registered with the U.S. SEC or a state regulator. You can confirm their status on the SEC advisor lookup webpage.

Certain certifications can tip you off that a financial professional has a fiduciary obligation to you. They include: 

• CERTIFIED FINANCIAL PROFESSIONAL™ (CFP®)

• Accredited Investment Fiduciary® (AIF®)

• Chartered Financial Consultant® (ChFC®)

Memberships in some professional organizations also indicate a fiduciary responsibility to clients, among them: 

• National Association of Personal Financial Advisors (NAPFA)

• Garrett Planning Network

• XY Planning Network

The above organizations also have search features on their websites so you can find a fiduciary advisor.

✔ Personal, fee-only financial planning
✔ Tax planning and preparation*
✔ Cash flow planning and management
✔ Retirement, tax and estate planning strategies
✔ Resources on many other financial subjects to promote financial wellness

✔ Disciplined portfolio management
✔ Asset allocation model construction
✔ Retirement plan rollover guidance
✔ Advice about stock options
✔ Second opinion on your current investment portfolio or financial plan