How to Find a Fiduciary Financial Advisor in the Denver Area
If you’ve searched for a financial advisor in Denver, Colorado, you might have felt overwhelmed by the results. There are many financial professionals ready to work with you, but how do you distinguish the ones who can help you from the ones who will cost you?
If you want to know the advice you receive is putting your needs first, then consider updating your Google search to “fiduciary financial advisor Denver.” That one word—fiduciary—will make a big difference.
What Is a Fiduciary Financial Advisor?
A fiduciary is legally obligated to put your best interests first. You might think that all financial professionals have your best interests at heart, but that isn’t the case.
Many financial professionals are salespeople, hired by the bank or other financial institutions to sell you specific products. And the cost for such sales-focused advice is $17 billion a year for retirement accounts alone, according to AARP.
The professional may go by the name financial advisor, wealth consultant, investment manager, and so on—but the titles are meaningless if they aren’t your fiduciary.
How Do You Know If a Financial Professional Is a Fiduciary?
The short answer is to ask them. Better yet, get it in writing that their advice will put your best interests first at all times and for all accounts. If a potential advisor balks, then think twice about working with them.
But before you even get to the point of talking to a prospective wealth management firm, you can do some research. If the firm is a Registered Investment Advisor, then they are required to serve as a fiduciary.
You can look up potential advisory firms at the SEC’s Investment Adviser Public Disclosure webpage. In addition to confirming the RIA status, you can view the latest ADV forms, which provide information on services, fees, disciplinary history, and other essential information you should know before you hand over your trust and hard-earned money.
You can also research individual advisors at the SEC website. After you check them out there, look them up on their firm’s website and note the designations that follow their name. Some credentials, such as the CERTIFIED FINANCIAL PROFESSIONAL™ (CFP®) certification, require the advisor to serve as a fiduciary.
Some professional memberships have this requirement as well, including the National Association of Personal Financial Advisors (NAPFA) and the Financial Planning Association (FPA).
Finally, ask a potential advisor how they are paid. The fee-only financial planning model goes hand-in-hand with the fiduciary standard of care. A fee-only firm receives no commissions or other compensation and is paid by clients only.
Our Greenwood Village, CO retirement planning firm believes the fee-only model is the only one that aligns the advisor’s and client’s interests. It’s why we adopted it—it allows us to truly work for our clients and make their retirement well-being our priority.
How Do You Find Fiduciary Financial Advisors in Denver?
One of the most obvious ways to find an advisor near you is to do an internet search. But don’t stop there. Ask your friends, family, and colleagues for recommendations. They may not be working with a fiduciary, however. You’ll still want to do your homework by researching the SEC and firm websites.
In addition, some professional organizations offer a search for members in your region. To search for fiduciary financial advisors, you can try:
Let’s Make a Plan by the CFP Board
NAPFA’s member search
The FPA’s PlannerSearch tool
Finally, when you interview a potential financial advisor, come prepared with questions, including fiduciary status, services offered, and fees charged.
Whether you need one-time investment advice or a comprehensive financial plan, you should work with a financial advisor you feel confident entrusting your money to. We wish you every success in your search.
Our Greenwood Village, CO fiduciary financial advisory firm offers a complimentary 15-minute call. We can briefly discuss your financial situation and retirement concerns, and share how we may be able to help.
This material was prepared by Kaleido Inc. from information derived from sources believed to be accurate. This information should not be construed as investment, tax or legal advice.
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