Partnering with a financial planning team can provide clarity and actionable steps to define and pursue your goals.
Managing finances on your own can feel like trying to steer a ship in the middle of a storm. Between work and other day-to-day responsibilities, it's common for people to feel worn down by tracking the onslaught of moving parts in pursuit of major financial milestones - like selling a business, buying a house, retiring, or saving for college.
This is where a financial advisor comes in. Partnering with a financial planning team can provide clarity and actionable steps to define and pursue your goals, ultimately helping increase confidence in your financial future.
Once you’ve made the decision to work with a financial advisor, the question then becomes: How do I choose an advisor I can trust?
Building a Foundation of Trust
You may be surprised to learn that not all financial advisors have been legally required to act in their clients' best interests. In fact, a study by Personal Capital shows that nearly half of Americans falsely believed all advisors were legally required to put their clients’ best interests first.
Not everyone in the financial industry is licensed in the same way or offers the same breadth of financial services and products. Independent broker-dealers are firms or individuals that are licensed to transact securities on behalf of their clients. Broker-dealers generally earn commissions, markups, and fees. They are regulated by FINRA and the SEC and are not fiduciaries (learn more here).
A Registered Investment Advisor (RIA) is a firm or an individual who provides investment advice and ongoing portfolio management, most commonly for a fee. RIAs are legally bound by a fiduciary duty. RIAs are registered with the Securities and Exchange Commission and are subject to a stricter compliance standard than a broker-dealer.
As a Registered Investment Advisor (RIA) with the SEC, CWM offers a holistic, planning first approach, going in-depth to look at the needs and goals of the client before making recommendations. Our advisors are fiduciaries, meaning we are obligated to act in our clients’ best financial interest at all times.
Let’s unpack what it truly means to be a fiduciary, and its significance to thoughtful investors.
fi·du·ci·ar·y – The Textbook Definition
Merriam‐Webster defines a fiduciary as, “One often in a position of authority who obligates himself or herself to act on behalf of another and assumes a duty to act in good faith and with care, candor and loyalty in fulfilling the obligation.”
CWM adheres to the fiduciary standard in two ways. First, being registered with the Securities Exchange Commission as a Registered Investment Advisor (RIA) means we are legally held to this standard. Second, advisors who hold the Certified Financial Planner™ (CFP®) certification are required to put their clients’ interests first at all times.
It's important to know that neither fees nor commission solely qualify or disqualify an advisor from working under the fiduciary standard. The most important factor is whether the recommended investment product is right for you and your goals.
The Comprehensive Wealth Management Way – Putting Clients First
In simple terms, a fiduciary embodies the concept of, “You before me.” As CWM President, Shilo Lockett states, “At CWM, we consider this model to be the lifeblood of our business. We are proud of the fact that our clients’ interests come first in every business decision, piece of advice, and strategic recommendation our advisors share. We always like to say, “ 'Great client service is our best marketing strategy,' ” because we truly believe that the services we provide must exceed our clients’ expectations if we wish to retain deep and lasting client relationships.”
A large part of our commitment to act in a client’s best interest is through regular communication and development of a personalized financial plan. Our recommendations are tailored to that financial plan, not sales quotas or incentives. Each plan is unique because every individual is unique, and we work with you to set our focus on long‐term financial goals— regardless of the day‐to‐day fluctuations in the market. We explore many different options and strategies that are available, with the goal of giving our clients confidence and hope for the future, adding clarity and reducing fear of the unknown. Working together to continually revisit and update these financial plans enables us to account for the different variables and unforeseen events that life throws at you, make slight adjustments, and continue down the road toward your idea of living richly. By listening to our clients, then tapping into our ever-evolving arsenal of industry tools and knowledge, we take pride in helping you identify a more optimal path to financial independence.
At CWM, our commitment to doing the right thing goes far beyond the financial realm. We are proud to be a firm that treats every client like family, whose team members genuinely care about the individuals and families we serve.
If you have additional questions about how to find a trusted fiduciary advisor, please contact us at (425) 778-6160 or click here to schedule a complimentary, no-obligation phone call to help answer your questions.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money. Diversification and asset allocation do not ensure a profit or guarantee against loss. Past performance is no guarantee of future results. This communication is informational only and is not a solicitation for investment advice.
Comprehensive Wealth Management, LLC (CWM) cannot guarantee that the information herein is accurate, complete, or timely. The information herein is general and educational in nature and should not be considered investment advice. CWM makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any investment position taken in reliance on, such information. Consult a financial professional regarding your specific situation.
As vice president and lead advisor for Comprehensive Wealth Management, Brian is not only responsible for monitoring and assisting with certain firm operations, but also meeting with clients to review their portfolios and advise them on a myriad of financial matters, from the simple to the highly complex.
From complimentary, no-pressure initial consultations to ongoing client strategy meetings, CWM financial advisors are here to explore your goals and create a road map to help you live richly.
Schedule a complimentary, no-pressure phone call with a CWM financial advisor to learn if our breadth of consulting services and purpose-driven approach aligns with your needs.
