The Importance of hiring a Fiduciary
In its simplest terms, a fiduciary is someone who must put the best interest of the person they are representing ahead of their own. As an advisor, it means only recommending services, strategies, and products that are likely to benefit our client, regardless how it affects the advisor. How advisors are compensated is often the determining factor in being able to classify themselves as 100% fiduciaries. If an “advisor” collects a commission from a product sold to a clients, that advisor cannot call themselves a fiduciary as their judgement could be clouded by their compensation. Because of this, they are better defined as “brokers” and not advisors.
At Peerless Wealth, we do NOT accept product commissions. We are fee-only, not commission-based. Not some of the time, but ALL of the time. Our fees are competitive and often lower than large Wall Street Firms. They are either a flat project-based fee, or flat percentage of asset fee.
Are all advisors 100% Fiduciaries? Most advisors are not. Many advisors offer flat-fee pricing under the fiduciary model, but then are also licensed to sell insurance and other commissioned-based products.
At Peerless Wealth, you can be assured that our judgement is never clouded by a commissionable sale.
