What it means to be a fiduciary
Fiduciaries have pledged to act in a client's best interest at all times. Advisors, financial planners and investment professionals who aren't fiduciaries are held to a lesser standard - the so-called "suitability standard." This means that anything that non-fiduciaries offer merely has to be suitable for you, not necessarily ideal or in your best interest. This point is critical and should be looked at very closely.
As a fee-only fiduciaries, a CFP holder, and a Registered Investment Advisor, we at Main Street Wealth Management have the legal as well as the ethical responsibility to follow prudent investor practices while serving your best interest.
We believe that all those who render investment advice or financial advice must meet the requirements of the fiduciary standard, as described by the Committee for the Fiduciary Standard.
Our pledge to you, our client
As a registered investment advisor, Main Street Wealth Management owes its client specific duties as a fiduciary:
Put the client's best interests first and foremost in all situations;
Never mislead clients - Give full disclosure of all material facts and any potential conflicts of interest;
Act with prudence; that is, with the skill, care, diligence and good judgment of a professional;
Avoid conflicts of interest;
Disclose and manage unavoidable conflicts in the client's favor.
As a fee-only fiduciary, Main Street Wealth Management will always adhere to the Five Core Principles as outlined above.