What is a fiduciary and why does it matter?

Episode 4Certified Financial Planner™ PROFESSIONAL, Joe Beckford,  joins The Money Pig Podcast to answer the question: What is a fiduciary and why does that matter?What does it mean to be a fiduciary?. What is a fiduciary? And, why should you make sure your advisor is one?To us at Goodwin Investment Advisory, a fiduciary means you as the client are put first and foremost. The advisor has an integral obligation to make financial decisions and recommendations that are in your best interest. Typically in terms of financial advisors and investors, a fiduciary prudently takes care of money or other assets for another person. But to Goodwin Investment Advisory, it goes beyond this – to act on your behalf, putting your interests ahead of our own, with a duty to preserve good faith and trust. We believe being a fiduciary thus requires us as your advisor, being bound both legally and ethically, to act in your best interest.What is suitability vs fiduciary? The suitability standard requires brokers and investment advisors to recommend investments that are the most suitable for the client. The difference is that if you follow the suitability standard you are not required to act in the best interests of your client. A fiduciary is required to place their clients' best interests ahead of their own, which is very important. This means a fiduciary is not trying to sell you products. If you are looking for a fiduciary to be your financial guide, please reach out and tell us your story by scheduling an intro call with our Goodwin Investment Advisory consultant here. Download our Investor’s guide to your right-fit advisor, or download Tim Goodwin, Certified Financial Planner™ PROFESSIONAL’s free book, Exponential Wealth. The Money PIG podcast is hosted by Reid Trego.  Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations.  Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast.  The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.