What Does It Mean to be a Fiduciary?
The word fiduciary is defined as "involving trust" and "A person who holds a legal or ethical relationship of trust with one or more other parties." A fiduciary, like Successful Financial Strategies' founder Mike Blanton, is expected to manage assets for the benefit of another person rather than for their own benefit. While this may seem like common sense this isn't always how a financial advisor works with their clients.
A fiduciary is bound by four duties:
- Make suitable investment recommendations, free from outside influences
- Select brokers based on their ability to provide the best execution of trades
- Base recommendations on a reasonable analysis of client goals, finances, life stage, etc.
- Always place the interest of the client first
Is Mike a Fiduciary?
Yes, and this means that as your fiduciary, the first meeting that you have with Mike as our client is only the beginning. The fiduciary level of care is built directly into the process at Successful Financial Strategies. Take a look! Mike meets with his clients at least once a year and is available to schedule meetings with them any time they need him or his advice.
Mike makes it a point to constantly monitor your financial situation to make sure that the investments you make are consistently suitable to your life. Mike is up front with your fees, discussing them before hand, making sure that you fully understand what they are and what the implications of those fees are. Mike places a very high level of importance on the care of his clients. This comes from working with the people of Asheville North Carolina and its surrounding areas (Hendersonville and Western North Carolina) for over 20 years. The easy, honest, hand shake approach to a deal made a lasting impression on Mike so that even before President Obama's recent endorsement of fiduciary standards with the Dodd-Frank Act of 2010 made being a fiduciary so popular Mike easily upheld the fiduciary standards. When founding Successful Financial Strategies, Mike used the same principles that define today's fiduciary standard as the foundation for his company.