Your Best Interests ~ Fiduciary Obligation

In our opinion, your wealth manager or investment advisor should always provide recommendations and tools that serve your best interest. There are major differences between financial service providers that offer fiduciary versus suitability levels of care. There are also many differences between these standards, and it seems to surprise many investors that not everyone who offers investment and wealth management advice is in fact obligated to provide the highest (fiduciary) level of care. We consider it an essential ingredient within any investor’s experience.

Client-centric Strategies and Services

While fiduciary obligation is an important first checkpoint, other factors also remain critical. Advisor-client relationships must move beyond trust and into solutions that help you verify how your wealth is being managed.

Client-centric service means your advisor is focused on delivering sound advice and targeted solutions, based on getting to know you, your family, your goals and the details of your existing portfolio. We recommend you work with a wealth manager who offers the following:

• Your plans are clear and formalized within a written Investment Policy Statement to ensure consistent adherence.
• Your ongoing progress is closely tracked and regularly reported to you in writing. Comprehensive reporting for both portfolio performance and returns is provided.
• Your assets are secured by a separate custodian in your name. Your investment experience follows a course you can not only trust but regularly verify, and adjust as needed.
• You invest according to a customized plan using a passive investing strategy for building and maintaining a globally diversified portfolio based on your personal risk profile.
• Some BAM network firms also integrate a wider array of wealth strategy services including risk management, multigenerational planning, business/executive planning, philanthropic planned giving and more. These elements are incorporated when, and if, they make sense for your situation.

Business Plans

While your highest interest remains the focus, a firm cannot provide you with excellent service if it is not itself on solid ground. We think it is important to note that the BAM network offers its wealth management firms practice development guidance and networking opportunities that help them form strong, independent practices that are built to last.

Fee Schedules ~ Fee Transparency

Each BAM network firm establishes its own fee schedules in accordance with its levels of service; however, two common threads exist:

• Investment advice is provided on a fee-only basis
• Costs are fully and transparently disclosed

To summarize, every pricing structure contains inherent strengths as well as weaknesses, but we feel that fee-only investment advice offers the best opportunity to reduce conflicts of interest. In contrast to commission-based pricing, it ensures that you — and only you — are the client, with no distracting incentives from outside sources. We also believe fees should be easy to view, assess and question if need be.

Ongoing Independent Advice Melded With Quality Collaboration

There are many benefits to be had through networking with like-minded, professional colleagues. At the same time, there is much to be said for the spirit of individual entrepreneurialism. The BAM network represents the best of both.

Each BAM network firm is independent, free to deliver services best suited to its own clients and its own firm’s vision. But they also collaborate regularly: exchanging ideas and information; discussing opportunities and challenges; questioning (and sometimes changing) the status quo.

By participating in a free-thinking, professional forum with respected colleagues and subject matter experts across the country, BAM network advisors remain active and engaged in their profession. You benefit from the personal expertise your advisor develops through this powerful collaboration.

If you would like to talk to a BAM Network Advisor about customized wealth management strategies that can help you reach your financial goals,please call us at (866) 417-2211 or submit our inquiry form by clicking here: Find a BAM Advisor.