“We Provide Solutions, We Don’t Sell Products”, says Michael Minter, managing partner of Mintco Financial, a Fiduciary Financial Advisory Firm located in Tampa and with offices in New York also.
Most of us rely on accredited professionals for a range of services. Doctors, lawyers, accountants and so on play a huge role in our lives, giving us advice and rendering services that we would be foolish to provide for ourselves. Some topics, in other words, are beyond the ken of even the dedicated do-it-yourselfer. Financial planning is in that category.
But regardless of the kind of professional you go to for investment advice, the underlying ethical question is whether that professional is going to have your best interests at heart. When the product you’re buying is too complex to understand, you have to put your trust in the seller. Such trust is best underpinned by what are called fiduciary duties.
“A fiduciary, roughly speaking, is someone to whom something of value is entrusted. And a professional who bears a fiduciary duty has a stronger obligation than a mere salesman. Someone out to sell you something—a car, a stereo, whatever—has a plain obligation not to deceive you, but generally isn’t obligated to make sure that the product is right for you. Whether the product is right for you is up to you to decide. But a fiduciary is held to a higher standard.”
Why don’t most financial advisors embrace a fiduciary standard of care? Simple, the big brokerage firms have lobbyists in Washington who know it would increase the number of lawsuits their brokers would subject them to. Most brokers – and ALL CAR SALESMEN – do not hold themselves to a fiduciary standard of care because they risk expensive lawsuits from bad investment and financial advice.
“We’re a truly independent financial advisor, and we embrace our fiduciary responsibility to each and every client,” says Michael Minter from Mintco Financial.
Mintco Financial Phone :Call 813.964.7100