Broker Check

What is a Fiduciary and Are We Fiduciaries?

September 02, 2019

First thing’s first. Yes, we act in a fiduciary manner for our clients - we always have and always will. We will always place our clients’ interests and the integrity of the investment profession above our own interests. It’s very hard to mandate ethics across an industry. The Department of Labor (DOL) attempted to do just that with a “fiduciary rule,” and tried to enforce that all financial advisors serve as fiduciaries to their clients.

While this rule was not perfect, it would have mandated a certain standard. However, this rule never saw the light of day. It was challenged in appeals court and the majority argued that the DOL overstepped its authority. The current administration is not a fan of financial regulation, so it is understandable that the rule did not pass. And, as a result, while some financial advisors do serve in a fiduciary manner with their clients, many other advisors in the industry do not act as fiduciaries to their clients and are not obligated by law to do so.

But we think that it’s very important to maintain a fiduciary standard, regardless of the DOL’s “almost rule.” We have always acted in a fiduciary manner to our clients and have and will always have our clients’ best interests as our primary concern. Had that rule been implemented, nothing at our practice would have changed.


Associates of Krietzberg Wealth Management are registered representatives of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer and a registered investment advisor. Member SIPC. Insurance offered through Lincoln affiliates and other fine companies and state variations thereof.  Krietzberg Wealth Management is not an affiliate of Lincoln Financial Advisors.  CRN-2686793-081519.

To the extent that we are providing you with investment advisory services, including either financial planning services or ongoing investment advice as part of an LFA investment advisory program (i.e., fee-based managed account) pursuant to a written agreement and related disclosures that describes this investment advisory relationship, we are acting in a fiduciary capacity related to those services under the federal securities laws, in particular the Investment Advisers Act of 1940.