At Summit Financial Partners, we are Fiduciary Advisors, which means we are legally bound to uphold our fiduciary duty to act in our clients’ best interest at all times. The fiduciary duty is one the most important professional obligations and we take our requirement to operate in a fiduciary capacity very seriously.
To be more specific, the National Association of Personal Financial Advisors (NAPFA) defines the role of a fiduciary as:
“A financial advisor held to a Fiduciary Standard occupies as position of special trust and confidence when working with a client. As a Fiduciary, the financial advisor is required to act with undivided loyalty to the client. This includes disclosure of how the financial advisor is to be compensated and any corresponding conflicts of interest.”
At Summit Financial Planning, we strictly abide by this definition. And as members of NAPFA, we sign the following Fiduciary Oath annually upon renewing our membership.
- 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.