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Jason went on to explain that he is a fiduciary financial advisor. There are two standards that the financial services industry holds licensed professionals to. One is “suitability” and the other is “fiduciary.”
The suitability standard generally required by broker-dealers simply states that at the time of a recommendation, the broker-dealer or other financial professional believes a financial investment won’t harm and may help a client based on their present circumstances, loosely stating that a recommendation should be without excess costs to the client.
A fiduciary standard on the other hand, generally required of independent advisor representatives, is more stringent, and stipulates that advisors have a legal obligation to place their clients’ best interests first above all else. Recommendations require due diligence research, must be made with a client’s best interests in mind, and all fees and costs must be disclosed.
More stringent still, Jason pointed out that he is a CERTIFIED FINANCIAL PROFESSIONAL™ (CFP®) as well as a Retirement Income Certified Professional (RICP®) with specialized training in retirement income planning to help clients address retirement risks and take measures to help prevent them from running out of money during retirement. Jason explained that these two designations require continuing education as well as a higher standard when it comes to a code of ethical conduct.
When Tom asked what a typical day looks like for him as a fiduciary financial advisor, Jason explained that the team of professionals at Prime Capital Investment Advisors includes a chief investment officer as well as an investment oversight committee dedicated to investing, managing market risk, and allowing rapid implementation of any needed portfolio changes. This team approach allows Jason to spend more time creating and overseeing individualized client financial and retirement plans, rather than poring over minute-by-minute stock market charts.
Advisory products and services offered by Investment Adviser Representatives through Prime Capital Investment Advisors, LLC (“PCIA”), a federally registered investment adviser. PCIA: 6201 College Blvd. Suite #150, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management (“PCWM”) and Qualified Plan Advisors (“QPA”).