Who’s in Your Corner? Since we started BirdRock Asset Management in 2006, we’ve been in our client’s corner—literally as a fiduciary for our clients. It’s a legal obligation to act in your best interest. The term “fiduciary” has had a lot of press lately, but we’ve been doing what’s right for our clients since we opened our doors.
Remember, Investment brokers are still not asked to work by a fiduciary standard, only a “suitability” standard. Under a suitability standard, a broker is asked to recommend investment products that are “suitable” for a client – an investment that is regarded as appropriate for his or her objectives. An investment conveniently offered by his or her broker might meet that standard – one offered with little or no evaluation of other options, one that may have high fees and bring that broker a relatively large commission.
In contrast, most RIA’s, like BirdRock, manage the assets of their clients on a fee basis. These fees are disclosed up front. Our clients want unbiased, professional investment advice and that’s what we give them.