What is a Fiduciary?

At Bāzis Private Wealth, LLC, we operate under a fiduciary standard of care.  To us, being a fiduciary is more than just a standard of care — it is at the very heart of the way we do business.

 As a Registered Investment Advisor (RIA), our fiduciary duty is a legal obligation to act in our clients' best interests. This duty is the highest standard of care in equity or law. It comprises several key responsibilities:
 
1. **Loyalty**: We are obligated to always put our clients' interests ahead of our own. This means avoiding conflicts of interest and fully disclosing any potential conflicts that may arise.
 
2. **Prudence**: We are required to act with care, skill, and diligence when serving our clients, adhering to a high standard of professional competence.
 
3. **Full Disclosure**: We have a duty to provide our clients with all relevant facts and information about their investments, fees, and any potential risks. This commitment to transparency builds trust and helps our clients make informed decisions.
 
4. **Fair Dealing**: We are committed to treating all clients fairly, providing the same quality of service and advice to all, irrespective of the size of their investment.
 
5. **Privacy**: We have an obligation to protect our clients' confidential information, respecting their privacy in all communications and transactions.
 
6. **Compliance**: We are bound to comply with all relevant securities laws and regulations, ensuring that our practices are always in line with legal and ethical standards.
 
Our firm embodies these fiduciary principles in every interaction we have with our clients. By putting our clients' interests first, we aim to build strong, lasting relationships based on trust, integrity, and excellent service. Please note that while we always strive to act in your best interest, all investments carry risks, and it is important to review the full details of any investment strategy.

But not all folks who offer financial advice are fiduciaries. Often times in the investment world, one encounters all sorts of “advisors” and “brokers” and “financial advisors”.

In our view the truth is, most brokers and other financial advisors earn sales commissions for selling you various financial products. As a result, some of them have a strong incentive to recommend products to you that aren’t necessarily in your best interest—but that very well may earn them a big payday.

If you want your money manager to operate as a fiduciary, in our view,  hiring an RIA is a good start. This cadre of advisors are duty-bound to put your interests before their own. However, not all RIAs are the same, and what will be right for you will most likely depend upon your personal situation and preferences.

You will want to go over and know what the RIA’s investment philosophies are, how they are compensated, what their fee structure is, whether or not they sell commission-based products, and any potential conflicts of interest that may exist. These and other personal questions you may have about the process are a good way to make sure the RIA is set up to meet your needs.

What matters the most in the relationship you have with your money manager is trust. It is a matter that we don’t take lightly, and neither should you.

That is one reason why Bāzis Private Wealth, has fully embraced the fiduciary standard of care since the beginning—we can see no reason to do business any other way.  In our view,  the objectivity of a financial professional could be impaired if recommending certain products would generate large commissions.

Bāzis Private Wealth doesn’t have that problem. We are a fee-only advisor, which means we don’t earn commissions by constantly trading in your account. We have no incentive to earn commissions by “keeping your money in motion” as some say. While some brokers may call to sell you a product and make a sales commission, we only place trades in your account based on our investment methodology. Your interests and financial well-being come first with us; we believe doing business this way aligns our mutual interests.

Another way we help ensure transparency in our client relationships is by housing our clients’ assets with third-party custodians. Bāzis Private Wealth, does not have custody of our clients’ assets. That means a third party will also be able to provide independent reports on your accounts, so you can be sure that we mean what we say.

Our approach is as individual as it is personal. As a client of Bāzis Private Wealth, you will have access to investment counsel who knows your financial situation, knows what your long-term objectives are, and knows the pace you are comfortable with to advance upon those objectives. You will have access to over 40 years of investment experience to ask any questions you might have about your personal portfolio, market performance, economic conditions, and the way ahead. Your investment counsel will contact you on a regular basis to brief you on any new developments, and to make sure your investment objectives and personal situation haven’t changed.

We choose to do business as a fiduciary under a heightened standard of care for a reason. Most financial professionals choose not to. By choosing Bāzis Private Wealth you can confidently advance ahead knowing that the investment advice you receive and the way your money is being managed puts your interests first. To learn more about how we do things, contact us today.