What is a fiduciary?
A fiduciary is a person or organization that acts on behalf of another person or persons to manage assets. Essentially, a fiduciary owes to that other entity the duties of good faith and trust. The highest legal duty of one party to another, being a fiduciary requires being bound ethically to act in the other's best interests. A fiduciary might be responsible for general well-being, but often the task involves finances—managing the assets of another person, or of a group of people, for example. Money managers, financial advisors, bankers, accountants, executors, board members, and corporate officers all have fiduciary responsibility.
Why Mutual Funds?
One of the biggest perks of mutual funds is diversification. Because your investment is split between a variety of companies, you don’t have to worry about your account tanking because a single stock underperforms.
But keep in mind, even with the instant diversification mutual funds offer, there’s no guarantee of a certain return when you invest in the stock market. That can be intimidating, but exposing your investment to some level of risk is necessary if you want your money to grow over the long term.
When you ride the waves of the stock market, you’ll have ups and downs. However, historically, most people have seen returns in the long run. Take the S&P 500, for example. The S&P 500 tracks the performance of stocks from the 500 largest, most stable companies in the U.S., and it averaged a 12% annual return from its creation in 1923 to 2016.
If you’re saving non-retirement money that you plan to use in less than five years, mutual funds may not be the best answer. Just put it in a savings account. But if you’re wanting to consistently invest for the long term (5 years or more), mutual funds are a great option.
Why ETF’s?
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How much do you charge and how often?
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Why not use cheaper index funds like Vanguard?
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How much risk should I take with my investment?
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What is your relationship with Dave Ramsey?
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Which investing strategy is best for me?
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Are my current investments working hard enough?
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Should I be a passive or active investor?
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When should I start taking Social Security?
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Can I retire early? If not, what can I do to make that happen?
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