Yes, we are a fiduciary. We are an independent Registered Investment Advisory firm, subject to the fiduciary standard and regulated by the Securities Exchange Commission.
There are two standards to which financial advisors are held: the suitability standard and the fiduciary standard. The suitability standard requires advisors only to give advice that is “suitable”, i.e., that fits the client’s investment objective, time horizon and experience. It does not require advisors to recommend the best investment or the lowest-fee investment-- only one that is “suitable”. There is also no requirement to disclose compensation payments, commissions or conflicts of interest.
The fiduciary standard-- Parkside Advisors’ standard-- goes well beyond offering suitable advice – it requires an advisor to always act in the client’s best interest, to disclose compensation arrangements and to avoid conflicts of interest. Whether the advice pertains to investments, whether to pay off a mortgage, rollover a 401k into an IRA, contribute to retirement accounts, or anything else, the fiduciary standard requires that an advisor always place the client’s interest ahead of his or her own.
If you have a question about whether an advisor you are considering working with is a fiduciary, ask! He or she should also be willing to put it in writing.