“A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients’ interest ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other’s best interests.” Investopedia
Registered Investment Advisors, like Winthrop Partners have a fiduciary duty to clients; broker-dealers just have to meet the less-stringent suitability standard, which doesn’t require putting the client’s interests ahead of their own.
A fiduciary is legally bound to put their client’s best interests ahead of their own.
A FEE-Only Fiduciary takes the Fiduciary commitment further by agreeing to only be compensated by clients and refusing compensation from other sources that could influence their decisions.
Fee Only Fiduciaries, like Winthrop Partners are additionally bound by stringent covenants including the non-acceptance of third-party compensation as set forth by the National Association of Personal Financial Advisors.
Less than 1% of the approximately 800,000 individuals that hold themselves out as Wealth Mangers meet the stringent Fee-Only Fiduciary Standard.
Brokers, bankers & insurance salesmen are not held to the same standards as Fee-Only Fiduciaries.
Dealing with bankers, brokers and insurance salesmen can expose you to conflicts of interest like high commissions, sales loads, and detrimental covenants that are buried in the fine print of products like annuities and structured notes.
A broker-dealer follows the suitability standard: Investment choices must be suitable for the client, but can still be more beneficial to the broker than the very best option; the broker’s primary responsibility is to their firm, not their client Investopedia
Remember, when selecting a wealth manger, if you want to be sure that they are legally and ethically bound to work in only your best interest, ask if your wealth manager is a Fee-Only Fiduciary.
What Makes us Different
Individual investments and markets fluctuate over time. As professionals, our job is to enable you to make informed financial decisions using the full complement of resources at our disposal. This process provides a framework for making decisions collaboratively and monitoring the outcome of those decisions over time. Each step involves interaction between our team, the client and outside professionals if needed.
We take the time to actively listen and ask the right questions. By understanding your unique situation and financial goals, we develop a customized and comprehensive portfolio.
Our clients are our priority. We negotiate for you, ensuring that your best interests remain at the forefront every time.
Though we hold 150 years of combined experience, our progressive mindset keeps our eyes fixed on the future.
We receive one clearly aligned fee, with no commission or third party fees influencing our recommendations.
We hold the experience, and resources necessary to manage important decisions impacting your portfolio, ensuring transparency and clear communication every step of the way.