With recent Department of Labor rulings, the advisory world is changing. In certain instances, firms and its advisors are required to act in a fiduciary capacity for its clients. To act in a fiduciary capacity means for a firm/advisor to always put the client’s best interest before their own. I think firms and advisors should always act in a client’s best interest in all instances. Since day one, Pensinger Financial has always acted in its clients’ best interest, we have always put our clients first and will continue to do so.
Unfortunately, there’s a loophole for firms and advisors to exploit to get around acting in their client’s best interest. It is called Best Interest Contract Exemption or BICE for short. By signing this contract, you are exempting your advisor and his/her firm from acting in your best interest, in other words, you are signing away the right of your advisor and his/her firm to do what is best for you. I think it’s wrong and bad. But please know, Pensinger Financial will never use a BICE with you, we will always put your interests first, before of our own.
Unfortunately, there’s a loophole for firms and advisors to exploit to get around acting in their client’s best interest. It is called Best Interest Contract Exemption or BICE for short. By signing this contract, you are exempting your advisor and his/her firm from acting in your best interest, in other words, you are signing away the right of your advisor and his/her firm to do what is best for you. I think it’s wrong and bad. But please know, Pensinger Financial will never use a BICE with you, we will always put your interests first, before of our own.
