Fiduci- what?
My husband is a wealth manager. It’s imperative he earns the trust of his clients through sincerity, reliability, and integrity. He easily accomplishes this because well, he’s the most honest, upstanding human I know. But also, he is a fiduciary. A what?? He acts on behalf of his clients, putting their interest ahead of his own; with a duty to preserve good faith and trust. It’s simple - he works for his clients, to deliver the best possible product. This is not the case with all financial planners. Many (most) are required to sell a specific product. Sometimes that means fitting a square peg (product) into a round hole (client’s needs). But the planner is beholden to the product. On the contrary, a fiduciary will recommend the peg that works best for the client, with no agenda to sell a certain product.
Why am I sharing this? I recently received the most wonderful thank you note from a client. Among the many thoughtful things she wrote, a few lines in particular really struck me. She said, in part, “You understood the look I was trying to achieve and you were here to help me figure out how to make it happen. The fact that you said we could do it using some of what I already had, with new key items, and that I didn't have to make sweeping changes to everything made it all the better. … You heard me and talked me out of certain things, not because you didn't like them but because you knew better than I did (gray counters, busy backsplash) that it would not go with my vision. Not only did I love the way things turned out but I loved the process of working with you. You met me where I was, and put up with my endless questions. It felt like a partnership which was so much fun.” She essentially identified me as a fiduciary for her home design. I’d never thought of it that way before!
Many interior designers, like financial planners, get a bad rap. Often clients don’t feel heard or that it’s a collaboration, and they end up frustrated or disappointed. I pride myself on listening to my clients’, making sure I understand what they are trying to accomplish. I recommend products based on their needs. I am hearing more and more often from clients that they are so appreciative of this. I am “putting their interest ahead of his own; with a duty to preserve good faith and trust.” I am a fiduciary.
