What is a Fiduciary Financial Advisor?
A fiduciary financial advisor is a finance professional who is obligated to act in their client’s best interest. They provide financial advice and recommendations based on the client’s specific needs, goals, and circumstances rather than focusing on products or strategies that might benefit the advisor more than the client.
For example, a fiduciary financial advisor can’t recommend a mutual fund that gives them a nice commission unless this mutual fund is the absolute best product for their client. When you work with a fiduciary, you don’t have to worry about being “sold” products you don’t need. Your advisor is legally required to act in your best interest at all times.
How to Find a Fiduciary Financial Advisory in Minnesota
To find a fiduciary financial advisor in Minnesota, search for advisors with certified designations such as Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC). You can use online resources like the National Association of Personal Financial Advisors (NAPFA) or the Financial Planning Association’s (FPA) database.
At 360 Financial, we are financial advisors, financial planners, wealth managers, and fiduciaries. If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial.
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
