Financial Advisor Fiduciary
A fiduciary financial advisor is subject to the Investment Advisers Act of 1940. That federal legislation requires fiduciaries to register with the Securities and Exchange Commission (SEC) or at least with the state in which they do business, depending on how much money they manage.
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 assets for another person. One party, for example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party, who, for example, has entrusted funds to the fiduciary for safekeeping or investment. Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries under applicable statutes and laws.
In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice, or protection is sought in some matter. In such a relation good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trusts.
Why Working With a Fiduciary Financial Advisor Is Important. Choosing a fiduciary financial advisor can give you greater peace of mind. With a fiduciary financial advisor, you’ll know that the person managing your money must make decisions in your best interest. In general, fiduciary financial advisors tend to have fewer conflicts of interest.
Not all fee-only financial advisors are fiduciaries, nor are all fiduciaries fee-only advisors. Fiduciaries can also be fee-based. In this case, “the advisor may collect a commission on some…
Registered Investment Advisors (RIAs) fall within a specific class of financial advisors who can provide clients with financial advice but must do so by abiding by their fiduciary duty. Under the Fiduciary Standard, an RIA’s fiduciary duty means that they are required to act in the client’s best interest 100% of the time.
Registered Investment Advisors (RIAs) fall within a specific class of financial advisors who can provide clients with financial advice but must do so by abiding by their fiduciary duty. Under the Fiduciary Standard, an RIA’s fiduciary duty means that they are required to act in the client’s best interest 100% of the time.
While it may seem as if an investment fiduciary would be a financial professional (money manager, banker, and so on), an “investment fiduciary” is actually any person who has the legal…
What is a fiduciary investment advisor?
Advice: An advisor that is solely a Registered Investment Advisor (RIA) that has access and control over your financial accounts and who manages your investments is a fiduciary. A fiduciary is in a trusted position. On the other hand, a broker or “fee-based” (as opposed to “fee-only”)…
Who is a fiduciary in a bank?
A fiduciary usually refers to someone who manages assets on the behalf of an individual, a family, a company, or any other entity. In addition to a banker or financial advisor, this person could be an accountant, executor, trustee, or board member. In theory, a fiduciary can be anyone to whom you delegate your personal, legal, or financial choices.
What is an advisor that is solely a registered investment advisor?
Advice: An advisor that is solely a Registered Investment Advisor (RIA) that has access and control over your financial accounts and who manages your investments is a fiduciary. A fiduciary is in a trusted position.
Can a financial advisor take a fiduciary oath?
The AIF training teaches advisors how to serve their clients as fiduciaries while growing their business. Advisors may also pledge to be fiduciaries with fee-only organizations like the National Association of Personal Financial Advisors, which requires members to take a fiduciary oath in addition to using a fee-only compensation model.
Financial Planner – eMoney Advisor
As a contributor to the Outsourced Planning team, the Financial Planner is responsible for maintaining and deepening the relationships of, and independently building financial plans on behalf of, the advisors using the outsourced planning service. They will meet with advisors via phone, email, and web conference to understand the end-client’s current financial condition and to communicate advanced financial planning and eMoney application concepts. The Financial Planner will develop recommendations to meet stated end-client goals and implement advisor recommendations within the eMoney application while maintaining high levels of integrity, quality, and professionalism, with a dedication to customer satisfaction and their fiduciary responsibility.
Job Responsibilities
- Manage a large portfolio of outsourced planning engagements in an efficient and timely manner
- Work with advisors and Financial Planners to understand end-client’s financial circumstances
- Collect end-client qualitative and quantitative financial information from advisors
- Independently make financial planning recommendations to meet stated end-client financial goals
- Implement advisor financial planning recommendations within the eMoney application
- Prepare financial planning presentations
- Deliver and explain financial planning recommendations and presentations options to advisors
- Identify financial planning process inefficiencies in participating firms, and deliver recommendations for improvement
- Enter client financial data into eMoney application as needed
- Provide application suggestions to FPG Product Pod and Product business unit based on experience using the eMoney platform
- Track outsourced planning engagements within eMoney CRM
- Keep abreast of new features and functionality on all production sites of eMoney
- Keep abreast of trends and laws within the financial planning industry
- Keep abreast of the competitive landscape to better inform internal and external conversations
- Contact users or prospects as needed after case analysis or use proper procedures to give resolutions and guidance to client-facing departments
- Travel is required on an as-needed basis, up to a few times a year
Requirements
- Completion of coursework on financial planning through a CFP Board Registered Program
- Bachelor’s Degree from an accredited college or university
- Successfully passed the CFP exam
- 2-5 years experience in the financial planning field, including the production of plans
Skills
- Strong understanding of all planning aspects of the application
- Must be knowledgeable in common financial planning subjects (Estate Planning, Tax Planning, Investment Planning, Retirement Planning, etc.)
- Analytical and research-oriented
- A team-oriented person who can work well with others in a fast-paced environment
- Ability to manage multiple relationships and maintain high levels of client satisfaction
- Creative self-starter with initiative to follow through
- Must be organized and handle multiple projects in an efficient manner
- Ability to clearly communicate complex issues in an understandable manner
- Excellent verbal and written communication skills
- Must demonstrate strong analytical skills and research capabilities in reviewing and solving complex issues
- Able to keep an even temperament and provide a pleasant service experience
- Proficient in Microsoft Office programs such as Outlook, Word, PowerPoint, Excel
- Proficient with company CRM program
- Must possess an understanding of industry segment nuances to deliver tailored experiences
- Reliable independent judgment and decision-making skills
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