Not every advisor or broker in Saratoga Springs is a fee-only fiduciary. A fee-only fiduciary is legally and ethically bound to represent only your interests. There are no commissions or other payments flowing behind the scenes. Click here for an extended explanation.
As a doctor, your interests are aligned with your patients. That alignment is rooted in the Hippocratic Oath, formed during medical school and residency, and carried throughout your career. Due to this, you likely expect that the financial people you pay will act in your interest. Alignment of interests, and alignment of incentives, forms the foundation of good investment results.
It seems logical that every Saratoga Springs financial advisor firm, and every financial advisory firm in Saratoga County, would be a fee-only fiduciary. However, the size of the commissions in the financial industry can be tempting! As financial advisors at One Day In July, we study human behavior. We know that the human mind is excellent at rationalizing behavior. Simply put, it is profitable as a broker or advisor to receive commissions.
Whether you are an orthopedic surgeon, a pediatrician, an internal medicine specialist, or any other type of doctor, you are busy. Whether you work for Saratoga Hospital, Glens Falls Hospital, or you’re independent, you do not have the time to pay attention to every trade and decision in your investment portfolio. Your financial advisor should act in your interest without you looking over his or her shoulder.
Let’s look at the drug business. A doctor who receives trips to medical conferences in beautiful places and lots of free samples to hand out to patients – that doctor is more similar to a broker-dealer than a fee-only fiduciary financial advisor. We say “more similar” because in the case of the broker-dealer, the payments can be direct commissions!
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