Broker vs Fiduciary – What is the Difference?
What exactly does this mean to you? Simply put, unlike sales representatives and registered representatives who work for Broker Dealers and Insurance Companies, we have the duty of putting your financial interests first at all times. As a Registered Investment Advisor, we are legally bound to uphold a fiduciary standard of care when working with you.
In contrast, a Registered Representative works for a brokerage firm or insurance company and not directly for YOU the client. The brokerage firm or insurance company often controls what products the registered representative can recommend to clients. Unfortunately, the investor rarely knows whether or not the plan’s recommendations are in his/her best interest or in the best interest of the planner and his/her firm.
In contrast to the traditional planning model, at The Binnacle Group, we strive to educate investors and help them deal with the instincts and emotions that are very often at the root of many poor investment decisions. Our goal is to to help clients learn how markets work and how to achieve confidence when investing.
Although it is sometimes not easy, we believe that our job is to educate you about what is possible so you can make wise investment decisions and achieve your American Dream.