Understanding how a financial advisor is compensated and if they work for you under a fiduciary duty are two of the most important questions you should ask any “advisor”, “broker” or “banker” you are considering doing business with.
Unfortunately, many “advisors” or “brokers” in the financial industry are compensated solely by commissions, based on the sale of financial or insurance based products. Many investment, annuity or insurance products will pay “advisors” hefty upfront sales commissions, which can make it difficult for “brokers” or “advisors” to offer completely objective financial advice.
1650 Wealth Management, is a “Fee-only” private wealth management firm. As a Fee-only financial advisory firm, we are committed to a culture that puts our clients interests first. We provide completely objective and transparent financial advice, as we do not receive compensation or commissions from selling products to our clients. We also do not accept referral compensation from outside parties. Our firm is compensated solely by our clients, by a management fee, based on assets under management. Our Fee-only designation, ensures that we work for you and you alone. Your success is our success.
We Have a Fiduciary Responsibility – By definition, a fiduciary is legally obligated to act in your best interest at all times and avoids conflicts of interest. In simple terms, financial advisers with a fiduciary responsibility have a legal responsibility to put your needs ahead of their own. At 1650 Wealth management, we put our fiduciary responsibility to you in writing, as we are a Registered Investment Advisory (RIA) firm. We are proud of our stringent code of ethics.