My Fiduciary Oath
Potential clients sometimes wonder about the difference between a 100% fiduciary (like me) vs. a part-time fiduciary (also known as a fee-based advisor). As your 100% fiduciary my oath and code of ethics applies all the time and with every client. Below is my pledge that I voluntarily make to all clients. You should know that as an Investment Advisor Representative (IAR) to a Registered Investment Advisor (my firm - Garrett Investment Advisors is an RIA), I am legally accountable to maintain the fiduciary standard.
The advisor shall exercise his/her best efforts to act in good faith and in the best interests of the client. The advisor shall provide written disclosure to the client prior to the engagement of the advisor, and thereafter throughout the term of the engagement, of any conflicts of interest, which will or reasonably may compromise the impartiality or independence of the advisor. The advisor, or any party in which the advisor has a financial interest, does not receive any compensation or other remuneration that is contingent on any client's purchase or sale of a financial product. The advisor does not receive a fee or other compensation from another party based on the referral of a client or the client's business.
Following the NAPFA Fiduciary Oath means I shall:
- Always act in good faith and with candor.
- Be proactive in disclosing any conflicts of interest that may impact a client.
- Not accept any referral fees or compensation contingent upon the purchase or sale of a financial product
Code of Ethics
Objectivity: NAPFA members strive to be as unbiased as possible in providing advice to clients, and NAPFA members practice on a Fee-Only basis.
Confidentiality: NAPFA members shall keep all client data private unless authorization is received from the client to share it. NAPFA members shall treat all documents with care and take care when disposing of them. Relations with clients shall be kept private.
Competence: NAPFA members shall strive to maintain a high level of knowledge and ability. Members shall attain continuing education, at least at the minimum level required by NAPFA. Members shall not provide advice in areas where they are not capable.
Fairness & Suitability: Dealings and recommendations with clients will always be in the client's best interests. NAPFA members put their clients first.
Integrity & Honesty: NAPFA members will endeavor to always take the high road and to be ever mindful of the potential for misunderstanding that can accrue in normal human interactions. NAPFA members will be diligent to keep actions and reactions so far aboveboard that a thinking client or other professional would not doubt intentions. In all actions, NAPFA members should be mindful that in addition to serving our clients, we are about the business of building a profession, and our actions should reflect this.
Regulatory Compliance: NAPFA members will strive to maintain conformity with legal regulations.
Full Disclosure: NAPFA members shall fully describe the method of compensation and potential conflicts of interest to clients and also specify the total cost of investments.
Professionalism: NAPFA members shall conduct themselves in a way that would be a credit to NAPFA at all times. NAPFA membership involves integrity, honest treatment of clients, and treating people with respect.
This oath has been in effect since the beginning of Your Best Path Financial Planning in November 2018.
As always, I am grateful for the opportunity to be of service.