Get in touch today! A complicated fee structure is a red flag. Evaluating a client’s current fiduciary practices and recommending actions to help mitigate compliance and litigation risks. Here’s how to figure out whether the financial professional you’re working with has your best interests at heart: The easiest way to find out if your advisor is a fiduciary is simply to ask. These advisors are legally obligated to put their clients’ financial interests above their own, and they have to disclose how they’re compensated and avoid potential conflicts of interest that could affect the recommendations they make. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements. Designees commit to keeping their knowledge and skills sharp by completing annual continuing education requirements. When a financial advisor is a fiduciary, he or she must act in the clients' best interest at all times. While the firm and it’s professional nature may come across to some as inaccessible, Peter is passionate about breaking the stigma and focuses on providing quality financial planning and advice to hardworking individuals and families of all income levels in our community. They also should be willing and able to spell out how they work with clients and what rules apply to the advice they give. Accredited Investment Fiduciary (AIF) is a designation issued by the Center for Fiduciary studies. Peter and his wife Jessica live in Ludlow with their daughter Emma. Facilitated by his genuine sense of humor, grounded in trust and friendship, Peter has a natural ability to develop a strong connection with each one of his clients. Financial Advisor Peter Leonczyk is a lifelong resident of Ludlow, MA. Unless your advisor understands and follows a fiduciary process, you can’t really be sure. Continuing Education. Broker-dealers typically earn a commission on sales of investments. Rather, they are held to the “suitability standard”—they only have to prove that an investment is suitable for their client at the time of its purchase, not that the advice was in the client’s best interest. Check out our background on FINRA’s BrokerCheck. 1252 Elm St. Suite 28, West Springfield MA 01089. Applying objective standards for evaluating and recommending appropriate investment options and products. Phone: 413-589-1500 | 877-583-0053 In his free time, you might find Peter combining his love for the outdoors and athletics by squeezing in 9 holes in an afternoon round of golf, always ready to grip it and rip it out of the box. Due to privacy and safety concerns, we don't allow older browsers to access our site. Designees must pass an examination to prove comprehension of the Prudent Practices® and ability to act in the best interest of clients. They don’t accept commissions for the products they recommend. In order to access WhyFiduciary.com, please use a newer browser, like Internet Explorer 10 or above, Google Chrome, or Mozilla Firefox. Before graduating, Peter took advantage of an internship at The Walt Disney Company where he learned what it takes to “make dreams come true”. Since joining the firm Peter has earned his AIF® Designation, expanding his skills on retirement plans and retirement plan management. Education. Yet not all financial advisors are required to be fiduciaries. Verification (type 4 digit code shown above). This is the most transparent forms of compensation. The Accredited Investment Fiduciary (AIF®) Designation is a professional certification that demonstrates an advisor or other person serving as an investment fiduciary has met certain requirements to earn and maintain the credential. Analyzing and optimizing asset allocation strategies and investment menus. FeeOnlyNetwork.com does not make any recommendation or endorsement as to any advisor, financial planner or other service, product, entity or individual or to any material submitted by third parties or linked to or from this website. Ethics. Designees are required to provide documented industry and educational experience to qualify for the designation. Here are some attributes that make AIF® Designees different from other advisors or financial professionals: Experience. Check out your broker with BrokerCheck , Susan Linkous, CRD #2938653. During the summer, Peter plays in the Western Mass Wooden Bat League where he takes the mound and enjoys trying to strike out batters with his curveball. Clients should consider an advisor who has this distinction if they want transparency. The ChFC designation covers the same core curriculum covered by the CFP designation plus additional electives that focus on areas of personal finance. Likewise, think twice if the advisor earns most of their money from commissions on the investments they sell. Is the investment advice you are receiving really in your best interests? This website is solely for informational purposes. While thrilled by the long drive, Peter is still searching for his first hole-in-one. Use this tool to decode the letters that sometimes follow a financial professional’s name. Understanding their important fiduciary roles, responsibilities and obligations with more confidence. There is a growing community of financial advisors in the United States who believe strongly in the power of the fiduciary standard, and who choose to their clients’ interests above all else. Additionally, Peter is involved in Junior Achievement, a volunteer-delivered, kindergarten-12th grade program that fosters work-readiness, entrepreneurship and financial literacy skills with the use of experiential learning to inspire students to dream big and reach their potential. The advisor should offer a clear, concise and logical explanation. They cannot recommend products that represent a conflict within retirement accounts. The benefits of working with a fiduciary advisor are easy to see. Designees must complete the Accredited Investment Fiduciary® (AIF®) Designation Training, which covers the Prudent Practices® for managing fiduciary assets for wealth, nonprofit and retirement clients. Pete and Jessica share a moment on their wedding day. FeeOnlyNetwork.com is not affiliated with the Certified Financial Planner Board of Standards Inc. in any way. Acting on his passion for supporting the youth in our community, Peter is on the advisory board for Ludlow CARES Coalition, a community run non-profit organization addressing issues relating to our community, our youth, our residents and our businesses. While retired from coaching, (for now) Peter remains invested in his former players lives and continues to bond with the players by not only attending their high school games, but serving as a mentor as they head into college. Just ask. Peter sought a career which would allow him to impact people’s lives on a deeper level, and he joined PV Financial Group in early 2013. Fi360 is accredited by the American National Standards Institute for the AIF® Designation, making the designation part of an elite group of accredited designations for financial professionals. Fax: 413-583-6147. Also administered by FINRA, this license enables an advisor to sell nearly every type of … Since joining the firm Peter has earned his AIF® Designation, expanding his skills on retirement plans and retirement plan management. CFP fiduciary standards apply to a broad scope of financial planning, including retirement, tax and insurance advice. Broker-dealers are regulated by the SEC, but they are not required to be fiduciaries. This post will detail 7 different financial advisor designations which require additional training and certification to use them. U.S. News & World Report recognizes the AIF® Designation as one of the top financial certifications. The ChFC designation covers the same core curriculum covered by the CFP designation plus additional electives that focus on areas of personal finance. If your advisor says they’re not a fiduciary, ask why. FeeOnlyNetwork.com and Advisorology, LLC (its parent company) are not affiliated with any financial planning firm, affiliation or accreditation board and does not hold itself out as providing any legal, financial or other advice. This standard is not enforced by a government agency, such as the SEC or DOL. These advisors must disclose all fees and conflicts of interest. Displaying his love for cooking, you’ll likely find Peter with a spatula in hand while manning the grill, serving his friends and family. However, many of them are relatively unknown to the majority of the financial advisor community and the investing public. Tax professionals and insurance brokers are not held to a fiduciary standard. Search from hundreds of verified fiduciary financial professionals offering a variety of specialties and service models to help you meet your financial life goals. Advisory services are only offered to clients or prospective clients where The Linkous Group, Ltd. and its representatives are properly licensed or exempt from licensure. Accredited Investment Fiduciary (AIF) is a designation issued by the Center for Fiduciary studies. Monitoring and reporting plan/portfolio performance. He and his family enjoy spending time on the Connecticut River where they fish, paddle board, and barbeque. Fi360 is accredited by the American National Standards Institute for the AIF® Designation, making the designation part of an elite group of accredited designations for financial professionals. The advisors who embrace the fiduciary standard represent the future of financial advice, where people can rest assured that their advisors always put their best interests first. Here are a few common designations: Certified Financial Professionals (CFPs) are held to a fiduciary standard by the CFP Board of Standards. Designees adhere to a Code of Ethics and Conduct Standards that show a commitment to a higher degree of industry professionalism. Here are some common types of advisors who are likely to be fiduciaries: Investment advisors who work with retirement accounts are now held to the Department of Labor (DOL) fiduciary standard. If your advisor says they’re not a fiduciary, ask why. Many fee-only advisors voluntarily adhere to fiduciary standards, and those who are also investment advisors must do so by law. Copyright © 2020 The Linkous Group, Ltd. is a Registered Investment Advisor. In other accounts, RIAs can recommend products that represent a conflict as long as they disclose the conflict first.
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