Work with fiduciaries, those investment advisors who focus on your best interests rather than profitable fees that benefit them or their firms
Burr Ridge, IL (PRWEB) May 07, 2017
May 5, 2017. Peter Recchia, founder and president of 4Wealth Financial Group, advises investors to consult fiduciaries when making decisions about their retirement accounts. “Work with fiduciaries, those investment advisors who focus on your best interests rather than profitable fees that benefit them or their firms,” said Recchia.
Investors should not wait until the Conflict of Interest -Fiduciary Rule becomes law, which protects retirement savers from conflicts of interest in retirement advice.
Recchia suggests that investors ask their financial advisor or broker a simple question: ‘Are you a fiduciary?’ Registered Investment Advisors (RIA) are fiduciaries and have been registered with the Securities and Exchange Commission (SEC) or state securities authorities. “RIAs are held to a fiduciary duty to their clients, which means they have a fundamental obligation to provide suitable investment advice and always act in their clients’ best interest,” said Recchia.
According to Recchia, millions of Americans are counting on their 401(k)s and IRAs for their retirement. “Many depend on investment professionals for advice about managing these accounts. The advice they get makes a difference in the success of their retirement savings outcome, and whether they will have a financially secure retirement. If they are steered into investments that are not in their best interest, but pay unreasonably high commissions or fees to non-fiduciaries, they may not be able to retire securely – or even at all.”
Further, Recchia says: “Retirement savers need to be confident that when they engage an advisor, they will receive competent, objective advice, not a sales pitch disguised as advice. Americans who've worked hard to save for retirement need and deserve these basic, common sense protections.”
4Wealth Advisors, Inc. only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators nor does it indicate that the advisor has attained a particular level of skill or ability. The firm is not engaged in the practice of law.
Media Alert: Peter Recchia is available to discuss the benefits of consulting a RIA or other fiduciary.
Peter Recchia bio:
As an Accredited Investment Fiduciary, Peter Recchia, a Certified Public Accountant, has focused on putting his clients’ needs first when offering investment advice and solutions.
Having gone through the rigorous training and course requirements to earn the Accredited Investment Fiduciary designation, Recchia regards his fiduciary role as critical in providing investment and solutions that are in the best interests of his clients.
With over 25 years of experience, Recchia has brought his clients expertise that is hard to find in a single advisor, drawing on his knowledge of accounting, investment and pension-planning to help clients. As a fiduciary, he has endeavored to create optimal structures for his clients’ businesses including tax-favored pension plans.
Using his knowledge and experience with pension plans, Recchia has worked diligently to reduce or limit fiduciary liability for owners of pension plans. He takes pride in developing custom solutions for every client, whether it involves tax planning, creating large or small pension programs, or simply offering sage advice that is always in the client’s best interest.