Core Wealth Management is built upon a long-standing commitment to provide our clients with only the highest standard of care.
We utilize the resources, expertise and collective knowledge of our team of professionals to offer comprehensive advice and integrated solutions. Our interests are aligned with those of our clients – our goal is to help our clients determine and achieve their goals as efficiently, effectively and simply as possible. We pride ourselves on always acting with complete integrity and as a trusted partner and fiduciary.
A fiduciary standard of care requires that an advisor put the client’s interest above his or her own.
Recommendations are only made once an advisor has completed his or her due diligence and analysis, and all recommendations must be in the best interest of the client. Conflicts of interest are disclosed and the advisor is required to execute and implement recommendations efficiently and cost-effectively. Investment Advisory firms who are regulated by the Investment Advisors Act of 1940 are held to a fiduciary standard.
The fiduciary standard is in contrast to the suitability standard that merely requires that any recommendation be suitable for the client. The recommendation does not necessarily need to be consistent with the investor’s personal objectives and risk profile and the advisor does not need to disclose conflicts of interest. Investment professionals who are held to a suitability standard are regulated under the Securities Exchange Act of 1934 and include agents, stockbrokers and registered representatives. The advisors are typically compensated by commissions.
If you are working with a professional who is a CFP®, you can be confident that that person is acting in your best interest as the CFP® board now has a fiduciary requirement. If you are working with an Investment Advisor Representative, that person is also required by law to act as a fiduciary. And finally, a CFA Charterholder is also bound by an obligation to act for the benefit of their clients. As an investor, you have options besides commission-based sales people who are peddling products. There are advisors who are fiduciaries, who always put their clients’ interest first, who disclose and seek to eliminate conflicts of interest and who offer low-cost investment solutions – firms like Core Wealth Management.
