Frequently Asked Questions

A fiduciary financial advisor is a professional who is legally and ethically obligated to act in the best interests of their clients. This means they must prioritize their clients' interests above their own and provide advice and recommendations that are solely in the clients' best interests. Fiduciary advisors are required to disclose any potential conflicts of interest and must avoid engaging in any activities that could compromise their objectivity or integrity.

This distinction is crucial because not all financial advisors operate under a fiduciary standard. Some may adhere to a suitability standard, which means they only need to recommend products that are suitable for their clients' financial situations, even if those products may not be the best option available.

Choosing a fiduciary financial advisor is important because it ensures that you are working with a professional who is committed to acting in your best interests and providing you with transparent and trustworthy advice. This can help you make more informed financial decisions and achieve your long-term goals with greater confidence.

The initial consultation is a no-cost, no-pressure opportunity to learn more about the financial planning process. Each and every person has a unique financial situation along with unique financial goals. Feel free to come with questions about what areas you'd like professional assistance. We'll outline exactly how we work with clients and the cost of our service with no commitment necessary on your part.

Aspired Wealth is a Registered Investment Advisor (RIA). A RIA is a financial firm who is registered with the Securities and Exchange Commission (SEC) or state securities regulators. RIAs provide investment advice and financial planning services to clients for a fee. They are held to a fiduciary standard, meaning they are legally and ethically obligated to act in their clients' best interests.

RIAs typically work with individuals, families, and institutional clients to create customized investment strategies tailored to their financial goals, risk tolerance, and time horizon. They may offer a range of services, including portfolio management, retirement planning, estate planning, tax planning, and insurance planning.

To become registered, RIAs must meet specific regulatory requirements, including passing exams, disclosing any potential conflicts of interest, and adhering to strict compliance and reporting standards. This registration process helps provide transparency and accountability to clients, ensuring that RIAs operate with integrity and professionalism.

An Investment Advisor Representative (IAR) is an individual who works for a Registered Investment Advisor (RIA) and is authorized to provide investment advice and financial planning services to clients on behalf of the RIA. IARs typically work closely with clients to assess their financial goals, risk tolerance, and investment objectives, and then develop personalized investment strategies to help them achieve their goals. 

• Are you a Fiduciary? This will let you know if the advice the provide is in your best interest or theirs.

• What are your credentials? This will let you know how much or how little effort they put into their education in understanding a complex financial ecosystem as well as their experience.

• How do you get paid? Are they fee-only or do they receive commissions for selling a product or service?

• How often should I expect to meet in a given year? This will let you know their communication style, cadence and timing of appointments to ensure they align with your values and goals of working with an advisor.

• Why "X" firm? Many people do not realize that much of they advice that they receive is dictated by the firm they work for. If the firm can rationalize "best interest" for you, does that means it is the advisor's belief system as well?

• Why be a financial advisor? I believe that financial planning is a relationship-based industry and knowing who you work with and why you work with them can be extremely important. 

• Can you provide references or testimonials? Many firms will not allow advisors to advertise testimonials due to advertising and compliance reasons, but it doesn't hurt to ask. 

• What is your Broker Check CRD #? This is one that mostly people "in the industry" know about. It's a public record of your advisor/broker's work history including customer complaints, reportable disclosures, and their outcomes. 

• How will you tailor my financial plan to my specific situation? No two financial plans are the same. The fee is worth the advice and you want to make sure it's not a one-size-fits-all solution to get onto the next buyer. 

• What services will be included in my financial plan? This is to clarify whether it's an investment management only relationship or much more. If your advisor is not offering insurance, estate planning, tax strategies, education planning, long-term care, retirement income strategies, in addition to investment advice... I promise there's another advisor that will for the same price. 

• How do you stay up to date with financial markets & planning strategies? Of course you want someone with experience, but you also want to know that your advisor is staying up to date with legislative and market changes. 

• Are there any conflicts of interest you need to disclose? This is mainly around where they have the potential to receive compensation and are typically required to disclose any conflicts before you should be having to ask.

 Pros:

• Personalized Advice: RIAs offer personalized investment advice tailored to the client's individual financial situation, goals, and risk tolerance. This approach can lead to a more customized investment strategy compared to one-size-fits-all solutions often seen at large discount firms.

• Fiduciary Duty: RIAs are held to a fiduciary standard, meaning they are legally obligated to act in the best interests of their clients. This commitment to client-centric service helps build trust and confidence in the advisor-client relationship.

• Comprehensive Financial Planning: Above and beyond investments management RIA often include retirement planning, estate planning, tax strategies, insurance planning, and more, providing clients with a holistic view to their financial well-being.

• Transparency: RIAs are required to disclose their fees, potential conflicts of interest, and other relevant information to clients. This transparency fosters trust and allows clients to make informed decisions about their financial future.

• Continual Monitoring and Adjustments: RIAs typically provide ongoing monitoring of client portfolios and make adjustments as needed based on changing market conditions, life events, or shifts in the client's financial goals.

Cons:

• Cost: Their advice comes with a fee which can include asset-based fees, hourly fees, or flat fees for financial planning services. While these fees can be justified by the personalized advice and comprehensive services offered, they may be different than fees associated with other types of financial advisors. Aspired Wealth is proud to use a simplified pricing structure that beats the average RIA fee schedule.

• Minimum Asset Requirements: Some RIAs may have minimum asset requirements for clients, which could limit access to their services for individuals or families with smaller investment portfolios. Aspired Wealth currently does not have any firm minimums for asset management.

• Limited Access to Proprietary Products: RIAs typically focus on offering independent, unbiased advice and may not have access to proprietary investment products or solutions offered by larger financial institutions. While this can be seen as a positive in terms of objectivity, it may limit the range of investment options available to clients. Aspired Wealth does not offer any proprietary products. While these products are often exclusive, may come with higher fees and/or commissions.

• Potential Conflicts of Interest: While RIAs are held to a fiduciary standard, they may still face conflicts of interest, such as recommending investment products that generate higher fees for the advisor or their firm. Aspired Wealth is proud to be conflict of interest free. We do not sell products for a commission.

• Market Risk: Like any investment advisor, RIAs cannot guarantee investment returns and clients may still be exposed to market risk. While RIAs can help mitigate risk through diversification and prudent investment strategies, clients should be aware that investing involves inherent uncertainties no matter who they work with.

Yes! Aspired Wealth works with a wide variety of clients including, real estate brokers, small business owners, construction workers, Doctor's, Accountants, etc. 

Yes! Aspired Wealth is registered in Colorado, Texas, and Washington; however, Aspired Wealth can work households in every state except for Louisiana.