You may have noticed the word fiduciary bouncing around the news lately. The Department of Labor announced last April that financial advisors who provide retirement investment advice would be held to a new fiduciary rule—that is, they would be required to put investors’ interests ahead of their own. What a novel idea, right?
More traditional investment brokers who earn their pay from transaction-based commissions have feared this day because it changes their world in big ways. They may actually have to disclose their fees and act carefully in the best of the interest of the client instead of themselves.
Now, however, the fiduciary rule hangs in midair as the new administration has asked the DOL to review the wide-ranging implications if the rule is implemented.
What does all of this mean for you, a client of Mindful Wealth? Not much.
I have already committed Mindful Wealth to the highest fiduciary standard—voluntarily, happily, and with pride. I work to avoid conflicts of interest and provide guidance and services that are intended to be the best for you. I'm not a broker serving a behemoth wall street firm and I don't have quotas to generate transactions or commissions. I'm working with the belief that if I give my best work and put clients first, the rest will work itself out.
No matter how things progress with the fiduciary rule, I am committed to doing what’s right for you at all times. I don’t need a rule to guide that.