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OFFICES

Educational Consultants
1001 Ogden Ave.
Suite 203
Downers Grove, IL

Financial Consultants
1717 North Naper Blvd
Suite 200
Naperville, IL

We gladly use video conferencing for clients who are unable to meet in person.

Why Your Financial Advisor Must Be a Fiduciary

Many clients have asked me why My College Planning Team (MCPT) requires me to approve the financial plans provided to them by our other financial advisors. After all, these advisors have often had as much experience as I and have worked as trusted advisors to hundreds of clients throughout their careers.

MCPT implemented this policy to make sure all of our college and financial plans have been reviewed by someone with fiduciary responsibility. This means that the person reviewing their plan is held to a “fiduciary standard” that requires them to work in the best interests of the client.

Financial-Advisor-Planner-Strategies

What is a Fiduciary Financial Advisor?

According to Wikipedia, a fiduciary is a legal or ethical relationship of trust between two or more parties. . In such a relationship, the fiduciary is required to act at all times for the sole benefit and interest of the client.

Attorneys, Certified Public Accountants (CPAs), Certified Financial Planners (CFPs) and Registered Investment Advisors (RIAs) are required to act as true fiduciaries. They have all passed rigorous testing administered by their respective boards and must commit to continuing education on financial and ethical matters to maintain their designations.

A fiduciary doesn’t only need to find, “choices that are appropriate for their circumstances”, they are required to make the “BEST choices possible.

 

 

 

 

 

 

Jim Kraiss, CFP

Jim Kraiss has been a Certified Financial Planner (CFP) for over 29 years. He has taught financial planning at several area colleges, written multiple financial planning articles, and authored five books on the subject. With his expertise in designing non-assessable financial instruments for college funding and his previous long-term experience as a Series 7 and Series 63 securities advisor, he has been able to design unique multi-advantaged solutions for our clients.

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