What is a Fiduciary?

From Investopedia: "Fiduciaries are persons or organizations that act on behalf of others and are required to put the clients’ interests ahead of their own, with a duty to preserve good faith and trust. Fiduciaries are thus legally and ethically bound to act in the other’s best interests."

Simply put...it is a matter of trust.  Is your advisor putting your needs ahead of theirs?

A fiduciary is legally and ethically required to put your interests first.

A broker? Not so much—they’re paid by insurance companies through commissions and bonuses.

If “nothing in life is free,” can “free” advice really be considered free? Brokers are incentivized to sell products, not necessarily the ones best for you.  In today's Medicare market many products do not pay commissions.  Are those being considered if appropriate for your needs?

A fiduciary works for you. They are paid by you and must recommend what truly meets your needs—without influence from commissions or bonuses.

Think about it like buying a car: no one would assume the salesperson’s advice is free. You know they earn a commission on a sale.  Does this bias their recommendations?

Why treat insurance differently?

The question is simple:

• Is the product being recommended truly the best for your needs, or the one with the highest commission?

• Are you seeing all available options, or just a subset that pays the broker?

The only way to get unbiased guidance is to hire someone who works for you.  It is not free—but the right advice can save you money, frustration, and stress in the long run.