An Advisor By Any Other Name Does Not Smell as Sweet


Many investors look at investment advisors the same way. They are not. Registered Investment Advisors (RIAs) and brokers are held to very different standards. RIAs like TruNorth operate under a fiduciary oath and must always act in our clients’ best interests, while brokers are required to suggest suitable investments, they are not fiduciaries. Brokers sell investments and products.

Anyone can call themselves an advisor, but not everyone is bound by a fiduciary standard. What does this mean? It means that TruNorth must always always act in our client's best interests, even if their best interests conflict with our own. We have a "duty of loyalty" to every client we serve.

Having said that, it doesn't mean all brokers are bad. There are many brokers that serve their clients well. What I am saying is that having a fiduciary duty is a better way to do business and should create a feeling of trust.

Most of our new clients come through referrals. They may know something about the work we have done for a colleague or friend. In any event, our clients should know that we use all of our knowledge and abilities to advance the best and truest interest for them. We take this responsibility seriously and accept it willingly. This is what creates trust. Trust is vital because it encourages our clients to be forthcoming with their entire financial positions, which then enables us to holistically plan for a better financial future.

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