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Investment Fiduciary

At Heritage Financial Strategies, we work to make investing fun and simple to understand. We know our clients feel most comfortable when they understand their financial plan and investments. As an investment fiduciary, it is our responsibility to act in the best interest of our clients.

 What is an Investment Fiduciary?

 An investment fiduciary is a financial professional who is legally bound to act in the best interests of their clients. Before June 2017, there was no Fiduciary Rule, in other words, there was no legal requirement that financial professionals follow that standard, and not all of them did. Some chose to act in their own best interests while leaving out the clients’ needs or interests. The federal government, industry regulatory agencies, and several state governments, are working diligently to pass some version of a fiduciary rule or law. 

 The old standard was akin to selling someone clothes that fit while the proposed Fiduciary Rule means the clothes have to fit while also making the client look good. It’s a subtle yet significant change.

 I am pleased to tell you that regardless of law or rule, I have always acted in the best interest of my clients. That will not change. I work with my clients to develop a financial plan that when implemented, will help them reach their goals, whether to save for a new home, retire at a certain age, get married, have kids, or take a dream vacation.

 As an investment fiduciary, we charge reasonable compensation. The most we will charge for asset management is 1.5% if your account balance, of which 1/12th is assessed monthly and appears on your statement as an advisory fee. The 1.5% can be reduced based on the total amount of assets we manage for you. We’re happy to share the fee structure in more detail when we meet with you.

 The Fiduciary Rule also requires that financial professionals provide no leading statements about investment transactions, compensation, conflicts of interest, and tell the truth. At this time, there is no way of tracking this so time will tell how effective this change will be.  But we always strive to be very clear about transactions and our compensation on those transactions.  And we always welcome your questions. 

 Heritage Financial Strategies is aligned with our broker-dealer Cambridge Investment Research in our dedication to understanding and operating within the Fiduciary Rule to serve clients.