I'm a Fiduciary Financial Planner. Here's What That Actually Means.

Posted by Anthony Carlton
Anthony Carlton

On a personal level, you might have set a goal to save more, pay off debt, and creating a plan for your money this year.

As a benefits professional, you might have noticed the growing trend of workplace financial wellbeing benefits, and hope to bring guidance and support to your employees. Either way, you might be considering the help of a financial planner.


What is an fiduciary financial planner?

Before you set up that first call, there’s something you should know...

Not all financial planners are the same. In fact, the title ‘financial planner’ is given to a variety of people, and each one may offer something different. Investment advisors, insurance salespeople, and financial advisors are all considered financial planners.     

So, what makes fiduciary financial planners stand out?

As a financial planner with LearnLux, I get to focus on one thing offering unbiased guidance that helps you make smart decisions with your income, so you can enjoy today and plan for an exciting tomorrow. 

The "independent" part means I have no financial products to sell, and I don’t rely on commissions for a paycheck. My interests are aligned with your goals, and nothing else. 

So if you’re thinking of hiring a financial planner this year, here’s what to look for. 


Fiduciary planners are transparent.

“How do financial planners get paid?” 

Hiring a financial planner is a serious investment, and you want to know exactly what you’re signing up for.

That’s why it’s important to ask the right questions, like how a planner makes money. 

Fee-only financial planners charge for guidnace and projects, like creating a custom financial plan. Some charge hourly, monthly, yearly, or as a percentage of the investments they manage for you. 

No matter how they charge for guidance, fee-only financial planners are the most free from conflict, because they don’t make commissions from selling financial products. 

In other words, their pay is aligned with giving you the best guidance possible, which is how it should be. 

Pro-tip: Employers that partner with LearnLux can choose to offer one-on-one financial planning at no cost to their workforce. This allows individuals to get the best possible guidance without spending a dime.


Fiduciary planners act in your best interest.

“Are all financial planners required to do what’s best for me?” 

Only fiduciary financial planners are required to always do what’s best for their clients. It’s the highest standard of client care, and it’s an advantage for both you and the planner.  

Think about it this way…

Everyone’s financial situation is different. So naturally, I need to get to know you before I can offer personalized guidance

This might include questions about your account balances, income, spending habits, and maybe even past financial mistakes. Talking about money can be uncomfortable, even with a financial pro. But it’s also the best way to create a plan that works for you, which is what we both want. 

Being a fiduciary communicates that I’m on your team, and nobody else's. It’s the reason why I’m able to build strong relationships with employees, because they’re built on trust. 


Fiduciary planners give personalized guidance.

“What exactly can a financial planner help me accomplish?”

Most believe a financial planner is someone who helps invest their money. They aren’t wrong, but there’s a lot more to it. 

Investing is a small slice of a larger pie that makes up your financial life. The bulk of my client conversations actually have nothing to do with investing.

Instead, I help people navigate the money essentials - like how to set up a budget, save for retirement, pay off student loans, and plan for major life changes like getting married and having kids. 

But this isn’t how all planners do it. Each one has their own approach. Some are generalists who help you with the big picture, like holistic financial planners. Others are specialists, like planners who work exclusively with retirees, or ones who focus solely on investment guidance

It’s important to find a financial planner who matches your specific needs and wants. Don’t underestimate the importance of research, interviewing, and asking the right questions before hiring someone. 


Why I work at LearnLux

To make financial guidance affordable and accessible to more people, there has to be a shift from the current way of doing things.

Companies like LearnLux are working hard to create the future of financial guidance, which is part digital, and part human planner.

This exciting shift means I get to work with employees of all ages and income levels who could be typically ignored by old-school firms because they don’t have thousands to invest yet.

But there’s also a broader goal we’re collectively working towards at LearnLux - making money less stressful. Through education, tools, and unbiased guidance, we want to build real solutions that help millions of people improve their financial health.

To me, that’s the most powerful use of my expertise as an independent financial planner. 

Tags: financial wellness, financial advisors

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