After about 5 years under development, the Department of Labor released its long-awaited fiduciary rule, which extends the fiduciary standard to those who advise clients on individual retirement accounts, 401(k) assets and other qualified retirement savings. Registered investment advisor (RIA) firms, such as Garrett Investment Advisors, have always been subject to a fiduciary standard under federal and state securities laws.
With the new DOL ruling, advisors who provide advice on qualified retirement accounts are required to act as a fiduciary, putting the clients’ best interest first. Examples of qualified retirement accounts include IRA, Roth IRA, 401(k), profit sharing, defined benefit plan and money purchase plans.
The new DOL ruling will cause many advisors who provide advice on qualified retirement accounts that were not operating as a fiduciary previously, to change their business approach to align with advice on products that are in the best interest of the client. The biggest impact is expected to be on many insurance and annuity companies and agents, brokers and broker/dealer firms and others who were not previously subject to a fiduciary standard.
At Kastler Financial Planning, we built our business model as a fiduciary since the beginning. We are a fee-only financial planning practice, an office of Garrett Investment Advisors, LLC. Because we are fee-only, we do not sell any financial product on a commission or bonus basis. We make product recommendations, as a fiduciary, in your best interest. As a fiduciary, we develop a financial plan that is unique to you, your specific situation and goals you aspire to. We look at your financial needs broadly, including:
- Cash Flow Planning
- Investment Consultations
- Education Planning
- Retirement Planning
- Risk Management (Insurance Planning)
- Tax Planning
- Estate Planning
Our initial consultation is complementary. Our fee is documented to you before you sign a contract. It will be clear what you are paying for and the scope of the financial planning process.
About Kastler Financial Planning
Our core purpose is to improve the financial life for each and every client we serve. We believe that people of all income levels should have access to affordable and professional financial planning and investment management services, without the pressure or bias of product sales and commissions. Always acting as a fiduciary, the only fee we receive is the fee paid by the client. We put your best interest before our own. No product sales, no commissions, and no account minimums. Our services can be performed either as a one-time project, on-going Subscription Plan, or hourly consulting services.
We specialize in Retirement Planning, Special Needs families, business owners, engineers and technical-minded individuals that want and expect detail written Plans that can be performed either yourself or with our help.
Our suite of services also include Investment Management Services with the options of % AUM or flat-fee portfolio management. View our list of fee-only services.
We aim for a pleasant client experience whether you are in our office or remote across the country through computer screen sharing technology. View our Planning Process here and learn how to get started with a complimentary ‘Get Acquainted’ meeting.
If you have any question on how our services may apply to you, please contact me at the number below or submit an email through our Contact Us form.
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Kastler Financial Planning | Ortonville, MI 48462