Understanding Fiduciary Responsibility

In the financial advisory industry, the term "fiduciary" acts as a badge of trust. Advisors holding Series 65 or 66 licenses can legally call themselves fiduciaries, meaning they are ethically and legally bound to act in their clients' best interests. This obligation is a crucial aspect of maintaining integrity and trust in financial advisory services.

The Challenge of Transparency

While many advisors can claim fiduciary status, transparency in financial advisory services often poses a significant challenge. It’s fundamental not just to trust your advisor but to understand exactly how they are compensated. Are the fee structures laid out clearly, and do they match up with what was initially agreed upon? At CochranMickels Retirement Specialists, LLC., we believe in full transparency. This is why our clients receive a separate statement each month detailing the exact amount of any fees charged. This approach ensures that there are no surprises and that clients fully understand what they are paying for.

Addressing Conflicts of Interest

Another aspect of transparency is how conflicts of interest are communicated. Every financial advisor publishes a Form ADV, which includes details about potential conflicts of interest. Unfortunately, these documents can sometimes be dense and challenging to navigate. However, at CochranMickels, we pride ourselves on clarity and conciseness, ensuring our Form ADV is straightforward and easy to read. We aim to enlighten our clients about the potential conflicts and allow them to make informed decisions about their financial futures.

The Importance of Clarity

Clarity and transparency extend beyond just fee disclosure. It’s essential for clients to fully understand how their financial plan is constructed and adjusted over time. How are investment decisions made? What strategies are implemented to align with your financial goals? We strive to offer comprehensive explanations, whether through meetings or detailed reports, so our clients never feel left in the dark.

If transparency and a fiduciary relationship built on trust are what you seek, we invite you to reach out to CochranMickels Retirement Specialists, LLC., at 256-417-4870 or 813-522-4455.  We look forward to providing you with clear and understandable financial guidance.

Mike

About the Author

Mike Mickels is the President and Chief Compliance Officer at CochranMickels Retirement Specialists, LLC. Beyond his professional endeavors, Mike is an avid sporting clay competitor and free diver. His firm specializes in providing custom-tailored retirement planning and investment services. Please note, this content is intended solely for informational purposes, and it is crucial to consult with a financial advisor where necessary. Investing carries risks, including the potential loss of principal capital.