Aaron Cirksena, the founder and CEO of MDRN Capital, shares valuable insights on identifying true fiduciary financial advisors in the industry. A fiduciary is someone who prioritizes their clients’ interests above their own, but not every advisor who claims to be a fiduciary lives up to the title. Cirksena emphasizes the importance of finding an advisor who is honest, trustworthy, and genuinely focuses on helping clients make the best financial decisions for their goals.
To redefine the concept of fiduciary, the SEC outlines two main responsibilities for fiduciary investment advisors: duty of care and duty of loyalty. However, a true fiduciary goes beyond meeting the regulatory requirements and focuses on developing a long-term plan tailored to each client’s individual needs, goals, and priorities. A fiduciary advisor takes a holistic and personalized approach, coordinating investment plans with tax and estate plans to provide the best service possible.
When looking for a financial advisor, it’s essential to watch out for red flags such as advisors who tout themselves as 100% fee-based fiduciaries or are adamantly opposed to certain types of investments. Cirksena believes that advisors should educate clients on all available options and help them make educated decisions. He also suggests looking for advisors who are open to various types of investments and not biased against certain products without valid reasons.
Cirksena provides strategies for finding a true fiduciary advisor which include doing thorough research, seeking advisors with positive reviews and reaching out to them, and asking detailed questions about their advisory approach and client references. He also emphasizes the importance of finding an advisor who can add value to your life beyond just investments, such as providing tax assistance, legacy planning, or mortgage advice. Additionally, it’s crucial to feel comfortable with your advisor and trust them to act in your best interests.
In conclusion, a true fiduciary advisor is a financial partner who advises and acts on behalf of their clients to help them achieve their financial goals. It’s essential to prioritize finding an advisor who offers options and insights to educate and empower clients at every stage of their financial journey. Aaron Cirksena’s advice provides valuable guidance for discerning investors looking for honest, trustworthy, and client-focused financial advisors in the industry.
