What is a Fiduciary?

By Kevin Bock, Integrity Retirement Solutions, LLC

• fəˈd(y)o͞oSHēˌrē,     fəˈd(y)o͞oSH(ə)re

• A FIDUCIARY is a person or organization that acts on behalf of another person or persons, putting their clients' interest ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other's best interests.

We hear this word all the time on TV and at seminars and in advertising…. but what is a Fiduciary?  The definition above spells it out, but what does it really mean?  

To do what is best for the client’s interest! No matter what!

There are new laws and regulations coming out all the time regarding who is a fiduciary and who isn’t.  

From what I see, no matter how many laws and regulations are created, the number of advisors/agents who do not follow them properly are not declining!

To me, being a Fiduciary comes From the Heart! …not a law or regulation!

We have acted like a Fiduciary for 36 years!  It should be what you want to do, not what you have to do!  

So, if you hear someone who is looking to work with someone who wants to put their best interest up front, refer them to Integrity Retirement Solutions, LLC!  We act like a Fiduciary because we want to, not because we must!

To take it one step further, we feel that acting in a Fiduciary capacity should include most everything that is needed in a certain situation, such as Retirement and Estate Planning!

How can you get a good Retirement Plan unless the person you are working with understands all the parts of Retirement in depth!  The Advisor could be the best accumulation advisor around, but when it comes to creating an income stream you cannot outlive (guaranteed), can they have an in-depth conversation about that?

Can they talk about tax reduction strategies in depth, or do they just say, “Don’t let the tax tail wag the dog,” or we can’t offer tax advice?

Can they talk about your healthcare needs in your retirement years and all the costs included with aging? Fidelity 2022 study tells us that the average couple will spend $305,000 in retirement on healthcare!  Those numbers don’t include the need for Long Term Care in a facility or Home Care!

Can they talk about how to leverage your current assets to pay for these needs with or without purchasing Long Term Care Insurance?

Can they talk about Asset Protection?

Can they talk about the Legal Documents needed and will they sit with you and a qualified Estate Planning Attorney (not all are equal) to come up with a comprehensive set of Legal Documents?

Do they understand the different kinds of Trusts available for your situation?

Do they understand how to get what is left to your heirs as efficiently and effectively as possible with the least amount of depletion? 

Can they talk about ALL your assets and how to protect them?

GENERALLY, NOT!

This is why people call Integrity Retirement Solutions, LLC! We coordinate ALL parts of a successful Retirement AND Estate Plan under one roof!  This eliminates you having to call an attorney, a CPA/Accountant, a money advisor, several insurance agents, people for succession planning for your business, and so much more!

If we can help answer any of you or your friend’s questions, feel free to call us at 724-837-3553 today!