What does the Fiduciary Code and Standards mean for CFP® professionals?
Central to the new Code and Standards is an expanded application of the fiduciary standard that requires CFP® professionals to act in the best interest of the client at all times when providing financial advice.
A Commitment to Safeguarding Your Assets.
- Fidelity Clearing & Custody Solutions (FCCS) provides clearing, custody, and other brokerage services through National Financial Services LLC (NFS).
- Clients have the same Securities Investor Protection Corporation (SIPC) asset protections with Bisdorf Palmer Private Wealth Advisors as they would with a large financial institution on Wall Street. SIPC is a nonprofit agency whose primary role is to restore investors' funds in the event that the broker/dealer holding these assets becomes insolvent. As an extra measure to safeguard your assets, NFS supplements its SIPC coverage with additional protection for cash and covered securities from Lloyd's of London, together with other insurers, for the highest level of excess SIPC coverage currently available. SIPC does not insure against the rise and fall of the market but does insure your funds against theft, up to $500,000 in securities.
Why is an independent broker/dealer beneficial?
- We interviewed and screened many financial firms. Our ability to best serve clients needed to be free from proprietary products or insurance. By working with an independent broker/dealer, we can give impartial investment and planning advice.
- Bisdorf Palmer has partnered with Commonwealth Financial Network to be our independent broker/dealer. Like Bisdorf Palmer, Commonwealth is independently owned, allowing our advisors to provide conflict-free and objective guidance. We have no sales quotas or proprietary products to sell and are not pressured to pursue the interests of a large corporation. This leaves us to focus on one thing—what’s important to you.
- Our partnership with the Commonwealth Compliance team means our firm remains independent, too. We are free to act in your best interest, helping you follow the best course of action to meet your financial goals—without any pressure to promote proprietary products or strategies. It's a model that differs from that of some other types of financial firms, whose advisors are accountable not just to their clients but also to the parent company that employes them.
Why is working with an advisor team important?
- Aging/retiring advisors
- Solo advisor offices not covering all areas of financial planning
All our advisors had individual practices before combining their strengths at Bisdorf Palmer. Each member of our team is skilled in all areas of advanced planning and investment management, but we focus on the individual talent and skill set of each advisor. As the financial services industry ages, many veteran advisors are retiring. Advisor transition can be very difficult and disruptive to an established financial plan. Solo advisors must commonly wear many hats in running a financial practice that few can successfully deliver excellence in all areas of financial planning. By working with a team, succession and all areas of the financial planning process can be covered and delivered in an excellent manner. Each member has a unique and critical role in the client/advisor relationship.