The Estate & Asset Protection Law Firm Owner, Shannon Pawley, Explains Some Of The Responsibilities And Duties Of Fiduciary Financial Advisors.
The Estate & Asset Protection Law Firm Owner, Shannon Pawley, clarifies the differences between financial advisors who are held to a fiduciary standard, and those held only to “suitable standards.”
DECATUR, GA, November 11, 2022: Shannon Pawley, Owner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “Working With Professional Fiduciary Financial Advisors,” in which Ms. Pawley explains an often misunderstood or confusing term.
Pawley states, “As an Estate and Asset Protection Attorney who creates legal documents for my clients, I also often work closely with my clients’ financial advisors.” She continues, “It is not uncommon for high worth individuals and companies to have a team of advisors that include estate planning attorneys, tax attorneys, accountants, bankers, and financial advisors.”
As Pawley points out, “Although many of my clients don’t have teams of advisors, most do work with financial advisors, and I am frequently asked to recommend financial advisors. I always recommend that people work with a fiduciary financial advisor.” According to Pawley, “Many people are not familiar with the term, so I will explain the difference between a fiduciary and non-fiduciary financial advisor as well as what they can do and the anticipated cost of working with a fiduciary.”
Fiduciary Is A Professional Duty With Legal Requirements
Pawley explains that a “Fiduciary is a professional duty with legal requirements.” She goes on to add that, “Fiduciary duty is the requirement that certain professionals, like lawyers or financial advisors, work in the best financial interest of their clients. U.S. law dictates that members of certain professions who are doing business for certain clients be bound by fiduciary duty.” She emphasizes, “Not all financial advisors are fiduciaries.”
“When it comes to money management,” Pawley writes, “there are two standards of care that apply. The Fiduciary Standard and the Suitability Standard.” She adds, “There are slight but meaningful differences. The fiduciary standard requires the professional to act in the best interest of their clients, while the suitability standard is just that. It requires that a financial advisor make recommendations that are suitable for the needs of the client.”
The entire article can be read at LINK HERE
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Shannon Pawley has grown her law practice by providing excellent customer satisfaction with personalized wealth protection plans.
About Shannon M. Pawley, J.D., LL.M
As the owner of The Estate & Asset Protection Law Firm, Shannon M. Pawley and her entire team share a passion which focuses on being able to serve the legal needs of retiring individuals. In our firm, WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University. After moving to Georgia in 2018, Shannon obtained her Georgia law license and has enjoyed being able to pursue her desire of ensuring persons are able to age with dignity, grace and independence.