How to Solve the Fiduciary/Insurance Dilemma

In financial services, the term “fiduciary” is used to describe the level of service provided by an advisor to their client. The fiduciary standard can be defined as a legal obligation where one party is required to act solely in the best interests of the other party. So being a fiduciary means the advisor prioritizes the client’s best interests in any transaction, without being concerned about their own gain.

As a fee-only advisor, the fiduciary standard is central to how you define your services. And being fee-only also implies that you do not take commissions. But that creates an interesting dilemma: you’re sure to serve clients who need life, disability, annuity, and long-term care solutions—all commission-based insurance products. So how do you solve this conundrum?

What you want, when it comes to client insurance needs, is an insurance partner who understands the fiduciary standard. BC Brokerage is an independent insurance brokerage that specializes in assisting fee-only financial planners with insurance solutions for their clients. BC Brokerage understands how fee-only planners think, and will work hand-in-hand with advisors to find the right product for each client’s financial circumstances. Always conscious of the fiduciary standard, they never upsell or push products. As a fee-only advisor looking for insurance products, work with a professional who understands your role as a fiduciary and respects your clients’ best interests.

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