Fiduciaries who need help… 

Do you know what it means to be a fiduciary?

No? Don’t feel bad. You’re probably not alone.

 

This site is to help you feel like you know what you’re doing. We’re here to help.


What it means to be a Fiduciary as an Financial Advisor 

The most successful financial advisors are fiduciary, meaning they’re obligated to provide advice that’s in their clients’ best interests. This would include taking a comprehensive approach to planning, protecting and managing their client’s assets. Financial advisors that are acting at Fiduciary should also be giving advice, guidance and recommendations regarding Asset Management, Risk Protection, Estate Planning and other financing options.

What it means to be a Fiduciary as an Employer/Trustee

As a Trustee/ Employer acting as a fiduciary you have a fiduciary responsibility as well as always act in accordance with the terms of the trust. You will want to contact an Attorney to go over the laws that you will need to follow when it comes to being a fiduciary. You are holding a lot of trust from your employees when you are acting as a fiduciary. You are often in a position of acting as a grantor and somehow are expected to do what the Employee would do in that situation.  

 

Here are 5 of the most important things that Employers and Financial Professional need to know when it comes to being a Fiduciary.

 Employer to Know

  1. Treat the Participants’ money like it is your own
  2. Operate the Plan for the benefit of all
  3. Know what it means to become a Participant in the Plan
  4. Understand which contributions are made to the Plan
  5. Know where your paperwork and forms are

Financial Professional to Know

  1. Treat the Participants’ money like it is your own
  2. Understand the relative cost/benefit ratio of what you suggest
  3. Ensure that you’re living up to your side of the 408(b)(2)
  4. Review the Funds offered in the Plan annually
  5. Offer to educate ALL the Participants in the Plan at least annually

Take the Below Quiz to see if you are doing what is needed to keep you plan in the Best Condition 

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Disclaimer: We do not claim to be providing legal advice and we do not claim to be experts.

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