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We Look Out for Your Best Interest

What Is a Fiduciary

And Why Is It Important to Work With One?

As fiduciaries, we will always give you the advice that is most beneficial to you. So, what does that mean? Here are the answers to some common questions about fiduciaries:

What Is A Fiduciary? →

How Can You Tell If Your Advisor Is A Fiduciary? →


Our Commitment to You


Quality of Service

You’re entitled to a high level of proactive, courteous service from every member of the Hyre Personal Wealth Advisor team. 

Trusted Advisors

You have the right to work with a trustworthy, dependable, and independent Wealth Advisor focused on you and your financial goals.

Recommendations

You have the right to independent and unconflicted advice and recommendations based on your defined needs, risk tolerance, and goals.

Confidentiality

You have the right to the strictest levels of confidentiality with information provided to your Hyre Personal Wealth Advisor team.

Transparency

We believe in full transparency so that you clearly know the costs for portfolio management, transactions, and advisory services.

Prompt Response

You have the right to a prompt response from your Hyre Personal Wealth Advisor. Your Wealth Advisor and the Hyre Personal Wealth Advisor team is committed to returning calls within 24 hours.

Communication

You have the right to timely communication. As your trusted advisor, our goal is to provide you with information before questions arise.

Education

Through education, our team will project reasonable expectations and achievable scenarios in the development and constant monitoring of your financial plan.

What Is a Fiduciary?

Financial advisors acting in a fiduciary capacity are legally and ethically required to act in their clients’ best interests. They have a duty to be loyal to their clients and ensure they disclose any potential conflicts of interest. Any advice they give should be based on the client’s financial situation and investment goals and must be in the client's best interest. 

A fiduciary advisor can’t, for example, suggest you buy a security that will pay them a commission but not benefit you. Their first priority is giving you advice to help you reach your financial goals. 

Choosing a fiduciary financial advisor can help protect you from being misled or mistreated. It means you have a professional in your corner rooting you on as you journey toward financial security.

How Can You Tell If Your Advisor Is a Fiduciary?

While some advisors may use the term lightly, not all advisors are fiduciaries. Wall Street brokerage firms can sell proprietary products that benefit the firm and the advisor, so their advice may potentially be biased. It’s worth it to make sure your advisor is working in your best interest. If you’re not sure that your advisor follows the fiduciary standard, ask them these three questions.

1. Are You a Fiduciary Advisor?

Let’s start with the most obvious question. Yes, you can ask an advisor if they’re a fiduciary! They should be able to give an unequivocal “yes” and put it in writing. Anything less should be cause for concern. They should also provide you with a copy of their Form ADV Part 2, which discloses their obligations as a fiduciary advisor.

2. How Do You Get Paid?

Financial advisors get paid all types of ways—from flat hourly rates to a combination of fees and commissions. There’s nothing wrong with any of these payment methods, but many fiduciary advisors are fee-only. This may help minimize conflicts and ensures that your financial planner acts in your best interest.

3. What Is Your Financial Planning Process Like?

A fiduciary advisor asks questions and gets to know your financial goals before they ever make investment recommendations. They know that a good look at your entire financial picture is paramount to your long-term success. So, ask your advisor to describe their financial planning process. If it doesn’t start with you, keep looking.  

See how we put our commitment into action.

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