A Fiduciary View: Choosing the Right Professionals
Wealth is always in formation, and the quality of the information we receive and act upon determines our long‑term success. That truth applies not only to financial planning and investing, but also to the professionals you hire to guide you and your family.
Today I had a conversation with new prospective clients who shared that their current firm houses a CPA, an attorney, and wealth management all under one roof. It’s a model that sounds convenient on the surface - an in-house team, working together. But, they relayed, since entering the front door, the warm feeling has worn off. Some things just are not right.
I relayed that we had explored this popular idea as well, however, decided to maintain our independence by not officially affiliating with any CPAs or Attorneys, whether it’s in office or a referral partnership. Why? Because when multiple professions are tied together under one roof, opportunity can quickly become an expectation to work within the in-house team rather than the freedom without pressure to choose the specialist who best fits each client’s needs. Sometimes these CPA/Attorney/Advisor partnerships work beautifully—but other times, what began as opportunity turns into conflict.s.
Speaking of conflicts, there’s another important factor: conflicts of interest.
FINRA and the SEC allow financial advisors, attorneys and CPAs, to receive referral fees or kickbacks when sharing clients. While that may be permissible, I’ve always asked a simple question: How could I possibly justify a kickback if I am a fiduciary, whereby I am acting for the best interest of my client (not myself or another professional)?
Our clients deserve advice that is free from obscured incentives, side agreements, or financial entanglements. That’s why we choose to work with other professionals to build strong working relationships with those who — like us — prefer to stay independent, and to collaborate without strings attached.
Independence protects the integrity of the advice. Independence protects the relationship. Independence protects the client.
Wealth is always in formation, and the quality of the information we receive and act upon determines our long‑term success, including choosing the right professionals.
LouAnn Schulfer can be reached at (715) 343-9600 or louann.schulfer@lpl.com TheWealthInformationLady.com
Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.
