Choosing someone to help with your finances is a decision built on trust, and the word fiduciary sits at the center of that trust. It gets used constantly in advertising, which can make it hard to know what it actually means or why it should matter to you. Here is a plain explanation of what a fiduciary financial advisor is, how the standard works, and what families in Tavares and around Lake County should look for when choosing someone to work with.
What fiduciary actually means
A fiduciary is obligated to act in the client’s best interest, placing the client’s needs above the advisor’s own. In practice, that shapes how advice is given. The reasoning behind a recommendation, the tradeoffs involved, and the costs should be explained clearly, so you can make an informed decision based on a clear understanding of the advice. Destiny Wealth Partners is a registered investment advisor and works under that fiduciary standard. Registered investment advisors are subject to rules under the Investment Advisers Act, which is where much of that duty comes from.
Fiduciary versus suitability
Not everyone who offers financial services is held to the same standard. Historically, some professionals were required only to recommend services that were suitable for a client. The Fiduciary Rule is a higher standard than suitability and it requires an advisor to follow the Duty of Care and the Duty of Loyalty – acting in the client’s best interest; in essence, to put the client’s interest above his own. Destiny Wealth Partners adheres to that Fiduciary Rule.
How we work
We design and manage our portfolios in-house, which means the team making investment decisions is the same team that knows you. That lets us align how a portfolio is built with your needs, and to adjust with discipline as markets and circumstances change. We also coordinate with your tax professional and estate attorney so the parts of your financial picture work together. If you would like to understand how we approach investment decisions for Tavares clients, reach out and we can explain our process in plain terms.
Our aim is to align each portfolio with a client’s goals, time horizon, and income needs rather than a one-size-fits-all template. We also coordinate with your tax and estate professionals so the parts of your financial life work together. Just as important, we try to explain the reasoning behind what we suggest in plain language, so you can make decisions with a clear understanding of the tradeoffs.
Why it matters locally
Tavares and the surrounding Lake County communities include families at many stages, from those still building toward retirement to those already living in it. The right advice looks different for a family a decade from retirement than for one already drawing income. Working with an advisor who explains the reasoning and is held to a fiduciary standard gives you a clearer, more consistent basis for the decisions ahead, whichever stage you are in.
Start with a conversation
If you are in Tavares or nearby and want to understand how we work, we welcome an introductory conversation. We will answer your questions and help you decide whether we are the right fit, with no obligation.
Frequently Asked Questions
What is a registered investment advisor?
A registered investment advisor is a firm registered to provide investment advice. We are an SEC-registered investment advisor and are subject to rules under the Investment Advisors Act, among others.
What should I bring to a first meeting with an advisor?
A general picture of your accounts, your income, and your goals is enough to start. You do not need everything organized perfectly. The first conversation is mostly about understanding your situation and answering your questions.
Investment advisory services are offered through Destiny Wealth Partners, LLC, an SEC-registered investment advisor. Destiny Wealth Partners also conducts business as Ruggie Wealth Management. This article is for informational purposes only and does not constitute an offer or recommendation to buy or sell any security or asset, or tax or legal advice. Past performance is not indicative of future results. Please see important disclosures at destinywealth.com/disclosures.
