ADV 2 for 2021 and Fiduciary Duty

“The best security for the fidelity of men is to make it coincide with duty. No man can serve two masters, human nature dictates the removal of temptation.” –Alexander Hamilton


Wise man, Hamilton was!

This is why there is a fiduciary standard. Doctors have the Hippocratic Oath. Lawyers and accountants have codes of ethics that require a fiduciary duty. Trusted advisors in most professions have a responsibility to act in a fiduciary like manner.

Do you know who are not required to act in a fiduciary manner? Stockbrokers and insurance agents! Yes, you read that correctly. Stockholders and insurance agents are held to a much lower standard called the suitability standard. They are not required to put your interests in front of there own. Read that last sentence over again real slow.

This is precisely why I got out of the brokerage world in 2010 and set up my business as a registered investment advisor in the state of Massachusetts. This requires me to act as a fiduciary in all client matters. I’m required under law to put your best interests ahead of mine. In my mind, this is the only moral and ethical way this business should be run. The fact that the stock brokerage industry and the insurance industry do not have a fiduciary level of trust and confidence in their dealings with clients is beyond preposterous.

As part of my fiduciary duty to you, I am required to supply you with a copy of my annual ADV 2 that I file with the Financial Industry Regulatory Authority (FINRA). In this pdf download you will find my filing for 2021. ADV_2021.pdf