In recent years, fiduciary services have become an increasingly important part of the financial landscape. As investors have become savvier and the world has grown more complex, demand for professionals who can help manage money and protect assets has increased.
This article provides an overview of fiduciary services and highlights four of the best articles about the topic from around the web.
1. What the Next Decade Holds for Financial Advisors
The first article on our list about fiduciary services in the modern era is from Investopedia. It was published in 2019 and forecasted some of the trends that we see today. The article highlighted how financial advisers have been operating over the years by checking in twice a year and focusing on accumulation. It explained that fiduciary firms who want to remain in business must adapt their practices.
These adaptations are in terms of technology, recognizing the next generation, globalization, education debt, and retirement planning.
For technology, the rise of Robo-advisors means people can access low-cost financial advice without paying a fee to an adviser, either in person or over the phone. For the next generation, baby boomers are reaching retirement age, and the prediction is that over $18 trillion will pass on to generation z and millennials descendants.
2. Financial Brokers Must Now Act in Your ‘Best Interest.’ What Does That Mean?
This article is from The New York Times describing what it means for brokers to act in a client’s best interests according to a new standard established by the Securities and Exchange Commission in 2020.
Just like this recent article, this article explains that the new rule aims to protect customers from brokers who act in their financial interests rather than theirs. However, some skeptics noted that this new regulation might cause brokers to become more sales-focused and lose focus on providing advice.
The article also points out that ‘best interest’ is not necessarily the same as many think. The regulation still allowed brokers or firms to consider their own pockets when making recommendations.
3. What Is a Fiduciary Financial Advisor?
US News put this article out at the beginning of this year to break down all the jargon that surely confuses investors.
The article explains what a fiduciary is, the relationship between a fiduciary and their client, the difference between a fiduciary and a financial advisor, and why investors should care.
You will find a lot of helpful information here if you are unfamiliar or curious about fiduciary services.
4. Best-in-State Wealth Advisors 2021
The last article on our list is from Forbes ranking the 2021 Best-in-State Wealth Advisors selected by their firms, then reviewed, interviewed, and ranked by SHOOK Research.
According to Forbes, the advisors who made their list managed over $6 trillion in assets. So, if you or someone you know are looking to work with the best advisors in the country, this article can help.
Fiduciary services will continue to be important in the modern era. The fiduciaries’ services can be highly beneficial to both businesses and individuals. It is crucial to ensure that you work with a reputable and qualified fiduciary if you need these services.
If you are looking for someone to help you manage your finances or estate, you must seek a qualified fiduciary who can provide you with the necessary services.