Fiduciary Financial Planner Near Me: Best Experts

Pillar Wealth Management can connect you with professionals who are able to meet your specific needs. Our financial planning team has positioned itself as one of the best for individuals and families worth $5 million to $500 million in liquid assets. We will work with you to evaluate your financial situation, requirements, and targets and elaborate the best plan of action. This means all our advice, direction, and encouragement will be primarily geared toward meeting your essential needs and solving your problems. Need to chat with one of our high-net-worth fiduciary financial advisors? Let’s chat!

Let’s start with a definition of fiduciary financial planner before getting into why it’s important to hire someone who is actually a professional.

Definition of a Fiduciary Financial Planner

At some stage, you will inevitably be cornered into making the vague binary distinction between a fiduciary or non-fiduciary planner as you start your search for professionals to assist with the more intimate details of your finances. However, you need to see what the differences are between those two, as long as you have not yet selected the expert to plan your finances for the future.

Licensed fiduciary financial planners are SEC- or state-regulated. A fiduciary, in legal terms, is someone who is trusted to deliver their services with maximum loyalty and good faith. As “credible” as they are, fiduciary financial planners are held to a legally binding standard to act in the best interests of their clients. They are objective and unbiased, and they recommend and sell financial products without taking their own interests into account.

All non-fiduciary financial planners or advisors primarily earn their income from commissions, which they get whenever they sell. They defend themselves by saying that they supply a client with what are referred to as “suitable” products that meet the suitability test, but they aren’t under a legal obligation to do what will benefit a client the most.

How to Find a Fiduciary Financial Planner

Advisors differ significantly in both how they operate and their philosophy. I think the fit is paramount—choosing an advisor is much like finding a spouse. That decision dramatically affects your financial health over the long term. This article intends to help you get started on your search while providing some context into where you can access pertinent information on financial advisors.

Why You Should Hire a Fiduciary Financial Planner

It could have been a significant life event—whether positive, like an unexpected bonus at work, or negative, like a messy breakup, for instance—that acted as a wake-up call that you needed help managing your money or investments, especially as you approach middle age or consider retiring. Now that you’re at a significant life stage, such as retirement, you worry about whether or not you’re well prepared financially. Or perhaps you are a future plastic or reconstructive surgeon, and like any future-thinking person, you want to ensure you are on a path that will get you to your end goals.

While it may seem counterintuitive, an unexpected shift in job status, be it through a job change or loss, is all the more reason to solicit some guidance.

There are many reasons for wanting to consult an advisor, and knowing your specific requirements will assist in narrowing your search. From comprehensive, long-term savings plans to hands-on advice with big spending decisions or even investment strategies for an inheritance, advisors can focus on a vast range of services.

A good advisor will steer the big financial decisions of your life while navigating the intricacies of your portfolio. If you have unique circumstances, like selling a business or going through a divorce, make sure you identify advisors who are experienced with your specific situation. Finding an advisor tailor-made to you can provide appropriate recommendations regarding your circumstances.

Assess Key Skills and Traits

One critical question to be answered when evaluating financial advisors: Do they really represent me? You may consider it a surprise, but trust me, it is one of the essential virtues that makes a partnership thrive and flourish. Your advisor should now have an understanding of your situation at this moment and your short-term and long-term goals, with which to construct a unique plan for you. Wouldn’t they have to go through hoops to find out what you are doing personally? How else can they provide you with the very best guidance?

Reflect on these points when evaluating your discussions with an advisor:

• Did you feel that your questions were adequately addressed? If not, it could indicate that the advisor isn’t listening closely, potentially leading to future misunderstandings.
• If you are in a partnership, did both parties feel heard and able to contribute to the conversation? If not, it might be wise to explore other advisor options.
• Did the advisor take the time to learn about your thoughts, passions, family, and what matters most to you? Should their focus be limited to superficial details like age, income, and assets, you might doubt the thoroughness of their planning.

Financial planning is not a universal solution for everyone. Your relationship with your advisor should feel comfortable for you and any significant other involved. For example, if you don’t understand certain aspects, like various investment options, your advisor should be patient and willing to explain them until you are comfortable. Being able to ask questions freely is crucial, so meeting in person or speaking over the phone can help you determine how well you connect with the advisor.

Personal Experience Enhances Comfort

When selecting an advisor, some essential skills are more prominent. You want someone knowledgeable about planning strategies and investments, constantly learning and staying updated with the latest solutions, and who can be adaptable. Because life is unpredictable, your advisor should be prepared to modify your plan when unexpected changes occur.

Examine Certifications and Legal Responsibilities

Different professional designations can offer valuable insights into an advisor’s experience, and a great place to start is by seeking a certified financial planner (CFP). Achieving this certification requires professionals to undertake continuous education each year and adhere to a strict ethical code regulated by a governing board.

Absolutely, fiduciaries are central to the ethics conversation. Fiduciaries must abide by a higher standard and must work in the interest of the principal. Another note: some fiduciary firms are fee-only and never sell you a product or any service other than as an advisor to you. They are fiduciaries across the board. A true fiduciary faces little to no conflicts of interest when consistently choosing what is absolutely best for the client.

Broker-dealers, banks, and insurance companies hire numerous other kinds of advisors. You really need to rate/review how they interact with clients and their pay plan. Some advisors receive commissions for the products they sell, and this can be a warning sign. They could also suggest investments that are a poor fit for your situation but pay them a higher commission, raising potential conflicts of interest, which you might want to avoid.

What to Expect from a Fiduciary Financial Planner Service

If you are going to work with a pro and do not have a clue how any of this works, a fiduciary financial planner is your best choice. Working with a fiduciary and fee-only financial planner service helps ensure you get advice that is, above all, professional and with your best interest in mind.

Whether your finances are complicated or simple or whether you feel like your goals are a one-month challenge or nearly impossible, everything is more accessible with a fiduciary financial planner. They can use their intelligence and intuition to ensure that they make the best financial decisions possible on your behalf.

The best high-net-worth fiduciary financial planners will prioritize your financial security alongside portfolio performance. They know how important it is to preserve your wealth and protect your assets so that upcoming generations may live with little to no financial worries. When you understand the need for both financial security and performance, you can hire the expert you need. If you are a high or ultra-high-net-worth individual, you also need to make five other huge moves to maximize your odds of experiencing the financial peace of mind you want. Please read all about these shifts in our helpful guide here.

Types of Fiduciary Financial Planners

A financial planner may be held to one of the following fiduciary standards:

SEC Fiduciaries

Financial planners that fall into this category are registered with the SEC or their state. Some of these experts are qualified to sell you their services and products, but they have to declare the details of their training and experience. Nevertheless, they can only provide investment planning services.

DoL Fiduciaries

DoL fiduciaries are only for retirement planning. Certain of their transactions may not be in the client’s best interest and mandates more disclosure. In other words, while the financial planners in this area could be paid via commissions (from the sale of financial products), they would be under very tight regulatory constraints.

Voluntary Fiduciary Standards

Developed by groups that want to improve the quality of service to the public, these standards consist of a mixture of voluntary certifications and pledges to eliminate conflicts of interest. While financial planners in this category may opt to follow this standard, a lack of legal ramifications makes it easy for those who do not. The clients are given the right to sue the firm as long as a breach of fiduciary duty occurs.

The CFP Board’s Code of Ethics and Practice Standards binds even certified financial planners. While advising on any material component of financial planning, they are required to act in the best interest of their clients.

As we proceed with this post, we will focus on the different categories of fiduciary financial planners and what their duties entail. For any further information, please visit the How to contact our team page.

Top Qualities of the Best High Net Worth Fiduciary Financial Planners

The best fiduciary financial planner is someone who will bend over backward to help you anytime you need them and make sure you are happy! If someone is looking for a “fiduciary financial planner near me,” that means they want to be aware of what to look for.

But before you go doing all that searching, make sure you read our exclusive guide on finding the right financial advisor for high-net-worth and ultra-high-net-worth individuals. 

Here are the characteristics of the best high-net-worth fiduciary financial planners.

1.    They Have Your Back

Being held to the fiduciary standard means your financial planner must prioritize your best interests, even if it does not result in profit for them. Their responsibility is not restricted to identifying financial resources according to product needs and financial objectives. They make it personal and keep you informed but also help you check the right boxes to get you to your best, most considered, well-informed decision.

But, regardless of the type of financial product that might be most suitable, your fiduciary financial planner will help you figure out what you truly want, even if you do not know. Contact our professionals today and find out where you are financially now and where you want to be in the future.

2.    They Offer a Transparent Cost Structure

Before you choose to work with an expert, you must inquire about their fee structure. Find out if they will be earning solely through you or any financial firms to convince you to invest in certain financial products.

An excellent fiduciary financial planner will never lie about or hide their cost structure. They will always be honest and transparent about how they’re paid. Ideally, they should not receive compensation from big financial firms. This helps to keep the whole thing conflict-free.

Please read our complete guide on how to find a financial planner who is a fiduciary and has the resources to develop a comprehensive financial plan.

3.    They Offer Ongoing Support

The best part of dealing with a “financial planner near me” is that the planner continues to give you feedback and assistance even if they have devised an excellent financial plan for you. They will go above and beyond to ensure that you feel inspired to make positive changes to either your cash flow habits or net worth and help you reach financial independence as quickly as you can.

No financial plan will ever be enough to achieve financial serenity if you do not have perseverance and commitment. Your fiduciary financial planner will help you deal with sudden market shifts and ensure that you do not run after portfolio performance. They will focus on creating intelligent investment strategies that guarantee maximum wealth preservation. Read about the importance of choosing the right strategy in our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

4.    They Align Your Financial Plan with Your Needs

High net-worth fiduciary financial planners understand that each client has a unique financial situation, challenges, risks, and goals. The best experts take the time to listen to your needs and expectations and create a financial plan tailored accordingly. This, in addition to making all the little pieces of the puzzle fall into place, will eventually bring you to your goals.

Trust me, your fiduciary financial planner will take the marketing, the spin, and the garbage right out of your investments and replace them with their expertise to improve and maximize your portfolio. Bottom line: It is essential to maintain a well-optimized portfolio in order to preserve wealth over the long run effectively. You can find everything about high net worth portfolio optimization in our guide here.

5.    They Ensure a Clear, Seamless Process

When you look for a “fiduciary financial planner near me,” you want to hire someone who gives precise details upfront. The best experts always talk about the relationship, the products and services they offer, and their charges during the initial consultation. They will tell you everything you need to know before you make a decision.

In simpler words, a person interested in becoming a professional surely wants others to be invested in them, too. It is always recommended to consult with multiple financial planners and look at the variety of points of view and approaches to high-net-worth financial planning before engaging one.

An absolute fiduciary financial planner service will certainly assist you every step of the way and address any concerns you have. To book a no-cost, no-obligation consultation with one of our experts, contact us right away!

6. They Are a Guide to Locating a Qualified Fiduciary Financial Planner

Savvy investors need to find the right fiduciary financial planners who can deliver optimal investment management and financial planning services. A fiduciary financial planner (who, in theory, has fewer conflicts of interest than almost all other personal financial advisors) can provide individualized advice and strategies to help you achieve your particular financial goals. These professionals are legally bound to serve your best interests, so the advice and recommendations provided to you will be free of bias and conflict of interest. While investing in your search requires such commitments in time, it is fundamental when planning for large amounts of wealth and complex financial goals. Then, you will have a stronger, more rewarding relationship, and you will experience the greatest likelihood of more substantial financial outcomes.

If you are newly starting your journey or need to make a change in financial advisors, be sure to take the time to do your research so that you find someone who can relate to your situation and the assets you are investing in. Start with recommendations you trust, such as family, friends, or other professionals. And use online resources such as the Garrett Planning Network to screen multiple advisors. Look for advisors that have credentials in those areas to verify that they understand them, such as CFP or CFA; also, pay attention to the area they specialize in and make sure their expertise applies to your needs. For example, if you need a local financial advisor, make sure they know your area of the financial landscape. Interview the person to evaluate their communication skills, interpretation of your aims, and compatibility in crafting a plan that fits you. By taking these steps, you will be able to locate a fiduciary financial planner who will deliver the customized direction and aid that you need in order to achieve financial success.

7. They Offer Specialized Services

So, if you are looking for a “fiduciary financial planner near me” or evaluating financial advisory firms, take into consideration what types of niche services provided might be applicable to your situation. For example, if you are close to retirement, ideally, you would want an advisor familiar with retirement planning. This will aid your advisor in giving you the right strategies and insight to make your retirement at the next stage manageable. Retirement planning advisors can guide you through how to make the most of your retirement accounts by planning for healthcare costs or helping you develop a retirement withdrawal strategy. They can also help you with Social Security benefits and other income sources to create a long-term financial plan developed for you.

In addition, experienced advisors can provide personalized advice that takes into account your particular financial circumstances, goals, and timing. If you are a business owner, it is potentially even more important as business and succession planning advisors are especially well-positioned to guide and implement exit planning strategies for business transition. Likewise, if you have received an inheritance, an advisor who focuses on estate planning can make sure your unexpected windfall is well in hand. Focusing on specialized services ensures that your financial advisor is knowledgeable about the issues and goals that matter most to you.

8. They Provide Culturally Relevant Financial Advice

It could also help to seek out advisors who have gone through similar experiences and may be able to understand where you are coming from. African American financial advisors can deliver culturally specific advice that reflects experiences and predicaments familiar to you and your community. A Black fiduciary is an excellent resource for those who want financial planning and guidance that is specifically relevant to their experiences in culture. They usually understand the specific financial circumstances or opportunities that may have some relation to your culture. You know this: the advice you receive will be contextual and compassionate as well.

For example, a fiduciary financial planner who is African American is likely to have a greater perspective on the legacy of financial decisions that have impacted the African American community. They can help issue policies like economic equity, funding education, and investing in communities. Using this culturally informed advice, you can ensure that the decisions you make are aligned with your beliefs and long-term goals, all while elaborating on an encouraging and very successful advisor-to-client connection.

9. They Leverage Industry Resources

You have a bevy of resources through the financial services industry that will lead you to the best fiduciary financial planner for you. Consult with up to three advisors using networks such as the Garrett Planning Network in order to compare their methods and competencies. Doing so can identify an advisor who will be a good fit for your financial planning needs, as well as how you prefer to engage in conversation and communication.

By utilizing these resources, you can guarantee that you go with a fiduciary financial advisor who will offer the assistance and recommendations you require for the financial success of your life venture. You can also determine the reputation and qualifications of an advisor by reading online reviews and checking on industry certifications and professional associations. From there, using those resources means you can go about making these decisions in an informed and research-oriented manner, which helps you find an advisor that aligns with your financial desires.

10. They Assist in Comparing Advisors to Find the Best Fit

Consulting with multiple fiduciary financial planners through networks like the Garrett Planning Network allows you to make a well-informed decision. Comparing their methodologies, experience, and client interaction styles can help you find the advisor who best aligns with your goals and preferences. This multi-advisor consultation process ensures that you don’t settle for the first advisor you meet but instead select the one who is genuinely the best fit for your financial journey.

During consultations, ask potential advisors about their investment philosophies, fee structures, and how they handle conflicts of interest. Please pay attention to how well they listen to your concerns and how clearly they explain their strategies. By comparing different advisors, you can gauge which one feels most compatible with your approach to financial planning and who you believe will provide the most value in achieving your objectives.

11. They Ensure Long-Term Success

By thoroughly researching and comparing different fiduciary financial planners, you can ensure that your chosen advisor will provide the ongoing support and guidance necessary for your financial success. The right advisor will not only help you manage your investments and plan for retirement but will also be a trusted partner in achieving your long-term financial goals.

Leveraging industry resources and taking the time to find the best fit will set you on a path to financial security and success. Regular check-ins with your advisor, ongoing education about financial markets and strategies, and a proactive approach to adjusting your financial plan as needed will help you stay on track. With a dedicated fiduciary financial planner, you can navigate the complexities of financial planning with confidence, knowing that you have a professional ally committed to your financial well-being.

Find the Best Fiduciary Financial Planner Near Me with Pillar Wealth Management

Ready to partner with a fiduciary financial planner and start your journey toward long-term financial serenity? Access our detailed guide here to learn more about the attributes that all the best financial planners have in common.

You can trust Pillar Wealth Management for top-notch fiduciary financial planner services, as so many affluent individuals do. Our experts, combined, have been working with high net worth and ultra high net worth individuals who possess liquid assets worth $5 million to $500 million for more than 60 years.

It’s time to stop searching for the “best fiduciary financial planner near me” and call us to schedule an initial consultation with the best-in-class experts. It’s free, and you won’t be obligated to work with us, which means you have nothing to lose!

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