Our philosophy is the Fiduciary Standard of Loyalty and Care.
There are two levels of professional conduct in the financial services industry. The Fiduciary Standard, which is the highest level, and Fair Dealing Standard.
In its application the Fiduciary Standard is principles based and has twin duties of loyalty and care, which requires us to always place a client’s best interest first and to follow a prudent process. Fiduciary Standards always require disclosure of real or potential conflicts of interest so that the client can make an informed decision on whether or not to accept our recommendation. Additionally, under the duty of care, we must apply the skill, diligence, prudence and good judgment commonly known as the prudent investor rule.
Contrary to that, is the Fair Dealing Standard which is rules-based. Rules-based standards are for non-fiduciaries, registered reps, and agents, that require the individual representative to be fair to their company and to their client; therefore causing a potential conflict of interest.
At Mossakowski & Nichols Wealth Management, LLC, we operate under the Fiduciary Standard of loyalty and care, apply a disciplined process, provide full disclosure of conflicts of interest, and utilize the prudent investor rule to focus exclusively on what is best for the client.