WHAT IS A FIDUCIARY?
A fiduciary is someone who has been entrusted to act in the best interest of someone else. In financial services matters they are duty-bound to always act in the best interest of their client. That includes, but is not limited to, offering advice or products that will benefit the client even at the expense of the advisor himself.
INVESTMENT ADVISORS AS FIDUCIARIES
By law, as a Registered Investment Advisor, Shetland Financial is obligated to follow the fiduciary standards, rather than the broader “suitability standard” followed by brokers and other agents. This means that we have to put your own interests first.
Shetland Financial believes in the fiduciary standard and will always act in your best interests. We accomplish this in a number of ways, such as the following:
- Services are offered on a flat-fee basis and agreed to ahead of time with the client. Any changes to the anticipated fee are clearly communicated and explained, so there are never any surprises.
- We never receive any commission from a bank or brokerage firm for recommending any product. We will recommend products or services to you that we believe our best suited for your needs. It doesn’t matter what institution or company is selling the product.
- We never receive any referral fees from outside advisors. We’ll always give you a list of possible options and let you choose whichever one you’d like.
- Any conflicts of interests will always be disclosed to you before any action is taken. We go to great lengths to avoid any conflicts of interest, but if they ever come up we’ll let you know exactly what the conflict is so you always have full disclosure.