Modern Wealth
Fiduciary
We believe that in order to be a real fiduciary, a few boxes must be checked. First, you must be independent. If you work for a broker-dealer or insurance company, can you truly be a fiduciary for your client? Sometimes? All the time? How do you balance your firm’s best interest with your client’s? Why even have that challenge? Be independent.
Second is your compensation. In our opinion, being fee-only is the only method that makes you a real fiduciary. Who benefits if a product is being sold to you for commission, like a mutual fund or insurance product? Is it the “advisor” selling it or the client? Both? What ratio? Let’s avoid commissions altogether, so that’s not an issue. Fee-only is the only way.
Third is a fiduciary oath. Make sure that who you choose to work with will sign one. If the “advisor” or salesperson you are working with or debating hiring won’t sign it, that’s because they aren’t. Their compliance department won’t allow it out of fear of being sued. They are probably dually registered, which means they are fiduciary sometimes, and other times they aren’t. What a mess. Just sign it. Or run if they won’t.
Fee-Only
At Modern Wealth, we prioritize your financial interests by adopting a Fee-Only compensation model, which is the most transparent and unbiased approach. Unlike commission-based models that may lead to conflicts of interest, our Fee-Only structure ensures that our advice is always in your best interest, as we earn directly from the services provided to you.
Our fiduciary commitment means we are legally and ethically bound to act in your favor, offering advice that truly serves your financial goals. This model allows us to focus solely on your needs without the influence of commissions from selling financial products.
Fee-Only financial planners at Modern Wealth may be compensated through various methods such as hourly rates, retainers, a percentage of assets under management (AUM), or a flat fee. This flexibility ensures that our services are tailored to your specific financial situation, providing personalized advice and management of your assets.
Independent
At Modern Wealth, we champion the independence of financial advisors, ensuring they serve your interests without the influence of large banks or financial institutions. Our advisors are fiduciaries, legally and ethically bound to prioritize your financial well-being, free from the sway of employer interests or high-commission products.
Our commitment to being fee-only means our advisors are compensated solely by the fees you pay, eliminating commission-based conflicts of interest. This model ensures that our advice is unbiased and tailored to your unique financial situation. We believe this is the most transparent and client-centric approach to financial planning.
To verify the independence of a financial advisor, look for those who are fee-only fiduciaries and hold reputable designations like CFP®. These professionals have undergone additional training and are dedicated to acting in your best interest. At Modern Wealth, we embody these principles, providing you with a trustworthy and dedicated financial planning experience.
Niche
Modern Wealth is a specialized financial planning and business advisory firm dedicated to entrepreneurs and small business owners. We understand that your financial needs are intertwined with your business aspirations, and we’re here to provide customized strategies for business valuations, portfolio management, and retirement planning. Our goal is to ensure your business flourishes and supports your financial future. It begins with our EVOKE® onboarding process that culminates with your Dynamic Plan™.
Our team holds esteemed designations tailored to various niche needs. With CPWA® for high net worth management, RLP® for in-depth client relationships, and CEPA® for exit planning, we’re equipped to handle the unique challenges faced by business owners and executives.
At Modern Wealth, we’re committed to empowering you with the knowledge and tools to succeed financially. Our expertise is backed by certifications that signify our dedication to your wealth-building journey, ensuring that we’re not just advisors but partners in your path to financial prosperity.
Let's Chat
Join us for a complimentary 30-minute chat focused on your needs, goals, and vision. Enjoy a relaxed, no-pressure session to learn about our process and ask any questions. We’re here to listen, not to sell. Let’s discover what’s possible together!