What is a Fiduciary?

Being a fiduciary means that we are legally and ethically obligated to always put the interests of our clients ahead of our own.

Are all financial professionals fiduciaries? No. The latest report from FINRA indicates that just 12 percent of individuals registered with the securities industry are registered solely as investment advisor representatives, which requires them to be fiduciaries on all accounts. 43 percent are registered solely as broker-dealer agents, and 45 percent are dually registered as investment advisor representatives and broker-dealer agents.¹

Investment advisor representatives are held to the Fiduciary Standard, which is considered to be a stricter framework for governing advisor-client relationships compared to the Regulation Best Interest standard under which broker-dealer agents operate. When someone is dually registered, it means they can follow the Fiduciary Standard on some accounts, while following Regulation Best Interest on others.

One Day In July is registered only as an investment advisory firm (RIA). All advisors at One Day In July are registered only as investment advisor representatives (IARs), and are therefore fiduciaries on all accounts, all of the time.

We do not accept commissions to sell you products, and we do not participate in mutual fund revenue sharing agreements. As fee-only fiduciaries, we receive payments only from our clients. This helps eliminate common conflicts of interest that can arise in the financial industry.

Curious if the firm currently managing your assets is a fiduciary? While it can always be determined by looking at disclosure statements (in particular a firm’s Form CRS), we recommend simply asking them whether or not they are a fiduciary on your accounts. If they say no, it might be time to consider switching firms. We recommend working with a firm that is a fiduciary 100 percent of the time – as we are at One Day In July.

Contact us through the form below or at (802) 503-8280 to learn more about our services.

Learn more about the differences between Registered Investment Advisor Representatives and Broker-Dealer Agents here.

1. “FINRA 2024 Industry Snapshot” FINRA, Dec. 13, 2024