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How to Find a Fiduciary Financial Advisor

What is a Fiduciary Financial Advisor?

Before you find a fiduciary financial advisor, it's important to understand what a fiduciary is.

A fiduciary financial advisor is legally and ethically bound to act in the best interests of their clients. This means they must prioritize your financial well-being over their own profits or any other interests.

Fiduciary advisors adhere to the highest standards of care, ensuring transparency, honesty, and loyalty in all client interactions. This distinguishes them from advisors who may only need to meet the suitability standard, which requires recommendations that are suitable but not necessarily the best for the client.

Some services a fiduciary financial advisor might offer include:

  • Reviewing your current financial situation
  • Discussing future financial goals and mapping possible routes to those goals
  • Creating investment or retirement accounts on your behalf
  • Buying or selling investments on your behalf
  • Developing a plan to manage long-term expenses (ie college funds or retirement accounts)
  • Providing advice on financial obstacles or hardships
  • Assisting in estate planning
  • Determining the best life insurance

When Should You Find a Fiduciary Financial Advisor?

Starting Out

If you're just beginning to save and invest, a fiduciary can help you create a solid financial plan tailored to your goals.

Major Transitions

Marriage, having children, buying a home, or starting a business all significantly impact your finances.

Nearing and in Retirement

A fiduciary advisor can assist in ensuring you have enough saved and that your assets are managed efficiently.

Complex Situations

A fiduciary advisor can help manage multiple income sources, significant assets, or complicated investments.

How Do I Find a Fiduciary Financial Professional?

1. Ask for a Recommendation

To find a fiduciary near you, check with family, friend or colleagues to see if they have any recommendations. Advisors work to build long-term relationships with their clients, so if someone you know suggests a specific advisor, it is likely they trust them and the advisor is worth looking into.


2. Get Matched with an Advisor

Some online services will match you with a local advisor for free. The advisor will pay to be a part of the network, and the platform will assess the advisor for you. Most of these services will ask you to fill out a quiz to determine the best fit for your needs and budget. This can help you find a fiduciary more quickly than other methods.


3. Check with Professional Financial Advisor Organizations

There are several national and local financial advisor associations that you can use to find a fiduciary advisor that fits your needs. Some of these organizations include:

  • The CFP Board
  • The National Association of Personal Financial Advisors (NAPFA)
  • The Financial Planning Association (FPA)
  • Association of African American Financial Advisors (AAAA)


4. Just Ask!

If you already have an idea or have a meeting set up with a potential advisor, be sure to clarify if they are a fiduciary and if they are always acting as a fiduciary. Clear communication is one of the best ways to find a fiduciary who will work for you. Other questions to ask a fiduciary advisor in a first meeting include:

  • What are your credentials, licenses, and/or certifications?
  • How much experience do you have?
  • Can you describe when you are acting as a fiduciary and when you are not? Why are you not a fiduciary in some instances?
  • What services do you offer?
  • What is your fee structure?
  • Can you describe all the costs I will pay you and your firm?
  • How will you communicate with me?
  • What tools and resources do you use?
  • What is your investment philosophy? This includes risk tolerance and investing style (ie., value or growth oriented).
  • What are the most important aspects of investments and building, or maintaining, long-term wealth?
  • What role does insurance play in a financial plan?

The biggest risk in advising is trusting the wrong advisor. Trust your gut about whether or not you think an advisor will work for you and be sure to find a fiduciary who is competent and ethical.

Ready to Work with a Fiduciary?

It is crucial to find a fiduciary financial advisor who can help manage your finances and ensure your best interests are always prioritized. Burgdorf Wealth Managers is committed to providing fiduciary-level service to help you pursue your financial goals. Contact us today to schedule a complimentary consultation and learn how we can assist you in building your ideal future.

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