Steven England discusses Fees & Fiduciary Relationship

Listen to the interview on the Business Innovators Radio Network: Interview with Steven Michael England, President of Capstone Estate Planning, Discussing Fees & Fiduciary Relationship – Business Innovators Radio Network

 Steven Michael England, president of Capstone Estate Planning, will discuss the important topic of fees and fiduciary relationships in financial advising. Steven shares insights into the concept of fiduciaries, emphasizing that they are legally obligated to prioritize their clients’ interests over their own. He reflects on the evolution of fiduciary standards since his career in 1982, noting that the fiduciary model is a more recent development in the financial industry. The conversation highlights the challenges clients face with various fees in their financial dealings and the significance of understanding the fiduciary relationship when choosing an advisor.

Understanding fiduciary relationships is essential for anyone seeking financial advice and planning. A fiduciary is an individual or organization legally obligated to act in the best interest of their clients. This means fiduciaries must prioritize their clients’ interests above their own, ensuring that the advice and recommendations they provide are genuinely in the client’s best interest.

In a podcast episode featuring Steven Michael England, president of Capstone Estate Planning, he emphasizes the significance of fiduciary relationships in the financial advisory landscape. He notes that many clients may not fully understand what a fiduciary is, yet they instinctively recognize the need for one. This is illustrated by the story of a man from Texas who expressed a desire for a fiduciary without knowing the exact definition. This highlights a growing awareness among consumers about the importance of having someone in their corner who is legally bound to act in their best interest.

Legal Obligations

Fiduciaries are required to adhere to a high standard of care, often referred to as the “fiduciary duty.” This duty encompasses several key responsibilities:

1. Loyalty: Fiduciaries must avoid conflicts of interest and must not benefit personally from their recommendations unless fully disclosed and agreed upon by the client.
2. Care: They must provide advice that is prudent and aligned with the client’s financial goals and risk tolerance.
3. Full Disclosure: Fiduciaries are obligated to disclose all relevant information, including fees and potential conflicts of interest, ensuring that clients are fully informed before making decisions.
4. Steven points out that many advisors who are not fiduciaries do not have the same level of responsibility. This can lead to situations where clients receive advice that may benefit the advisor more than the client, as non-fiduciary advisors may prioritize their own financial gain over the client’s best interests.

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Fiduciaries not only provide investment advice but also play a crucial role in comprehensive financial planning. As Steven explains, a fiduciary should cover all aspects of a client’s financial situation, including:

• Investment Strategy: Ensuring that the investment portfolio is diversified and aligned with the client’s goals.
• Tax Strategies: Helping clients minimize their tax liabilities and plan for tax-efficient withdrawals in retirement.
• Estate Planning: Assisting clients in creating wills, trusts, and other legal documents to ensure their wishes are honored after their passing.
• Risk Management: Evaluating potential risks, such as health issues or market downturns, and developing strategies to mitigate those risks.

By taking a holistic approach, fiduciaries can help clients navigate complex financial landscapes and make informed decisions that align with their long-term objectives.

In summary, understanding fiduciary relationships is essential for anyone looking to secure their financial future. Fiduciaries are legally obligated to prioritize their clients’ interests, providing the best financial advice and comprehensive planning. By working with a fiduciary, clients can ensure they receive guidance that is not only knowledgeable but also aligned with their best interests, ultimately leading to better financial outcomes.

In the world of financial planning, the concepts of fees and fiduciary relationships are crucial for clients to understand. As discussed in the podcast episode featuring Steven Michael England, president of Capstone Estate Planning, these elements play a significant role in ensuring that clients receive the best possible advice and service.

A fiduciary is a financial advisor who is legally obligated to act in the best interests of their clients. This means they must prioritize the client’s needs above their own when making investment decisions. Steven emphasizes that many advisors are not fiduciaries, which can lead to conflicts of interest. For instance, an advisor who is not bound by fiduciary duty may recommend products that offer them higher commissions rather than those that are best for the client.

About Steven England

Financial advisor and Retirement Planner since 1982, Best Selling Author of “The Wealth Lifestyle”, honored with numerous industry awards and honors of achievement. I value close business relationships with clients and treat them the way I would want to be treated.

Learn more: http://www.thewealthlifestyle.com/

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