A Fiduciary is a person or organization that owes its clients the duties of good faith and trust. Being a Fiduciary involves being bound ethically to act in the client’s best interests. A Fiduciary should seek to avoid conflicts of interest and clearly disclose any conflicts to their clients. A client should always expect a Fiduciary to be their advocate and negotiate from the same side of the table as the client. A Fiduciary must seek to identify the best alternative for the client.
The Securities and Exchange Commission legally and statutorily requires Registered Investment Advisors, like Winthrop Partners, to be Fiduciaries. Private bankers, brokers, bank wealth advisors and insurance agents are not required to be Fiduciaries. These individuals do not sit on the same side of the table as their customers because they are attempting to sell their customers products for which they receive commissions or other compensation.
Winthrop Partners takes the Fiduciary standard one step further. We are Fee-Only Fiduciaries and accept no other compensation than the fee we agree to with our clients, thus removing any impediment to providing you with our best recommendation. At Winthrop Partners, we are both culturally committed and legally bound to the Fiduciary standard.