In the financial world, there’s a certain type of advisor you want to avoid at all costs: the Fake Fiduciary. They might dress the part, speak the lingo, and even call themselves a “fiduciary,” but behind the scenes they’re stuck in the past—selfishly peddling high-commission products, hiding critical conflicts of interest, and prioritizing their paycheck over your best interests.
In the old days, commission-driven sales models were standard. But the industry has evolved and we are decisively in the modern era of true fiduciary financial advice. True fiduciary advisors aren’t selling a product; they’re delivering personalized advice, backed by a legal and ethical obligation to put the client’s interest first. Fake Fiduciaries? They’re still clinging to the sales playbook of the 1980s.
How to Spot a Fake Fiduciary
- Follow the Money: Ask how they’re compensated. If commissions are a big part of the answer, red flag.
- Check Transparency: A real fiduciary is open about fees, process, and conflicts of interest. No dodging allowed.
- Listen to the Pitch: If it sounds more like a sales presentation than a strategy discussion, you know what you’re dealing with.
- Check FINRA’s BrokerCheck and the SEC’s Investment Advisor Public Disclosure Website: Conduct a quick background check to look for red flags prior to trusting any advisor with your investments.
- Trust Your Gut: If something on an instinctual level does not feel right, run! We have clients who were swindled by Bernie Madoff, who wish they had done so.
How Gatewood Does It Differently: The Fake Fiduciary Antidote
We’ve built Gatewood Wealth Solutions to be everything a Fake Fiduciary is not. Here’s how:
1. Industry-leading Fee Transparency
- Our fee schedule is public, and we even provide a fee calculator so clients can see exactly what they’ll pay (HERE).
- Our client app even shows the total fees paid for any time period our clients want to review.
2. Beyond the Legal Fiduciary Standard
- We follow the highest ethical codes from the CFA Institute and CFP Board—not just the legal, contractual minimum.
3. Salaried Advisors
- Our advisors are salaried, removing any incentive to sell products for personal gain.
- We’ve built a career path from intern to partner that rewards long-term client care, not short-term sales wins.
4. Customized Investment Decisions
- The Gatewood Investment Committee is agnostic to fund companies when selecting investments.
- We receive no kickbacks and have no entangling alliances with any investment fund provider.
5. A Culture of Always Doing the Right Thing
- Our guiding principle: always do the right thing.
- This isn’t new—our founder’s early client letter to my own parents (prior even to my tenure with the firm) proves it’s been in our DNA from day one.
At Gatewood, we’re not just fiduciaries—we’re your long-term partners in building enduring wealth with purpose. No gimmicks, no hidden agendas, and no fake fiduciary practices.
In other words, at Gatewood, we’re the antidote to the Fake Fiduciary. We focus on transparency, ethics, and a client-first culture that ensures you’re always getting the best advice, free from hidden agendas. And that’s how we do things differently.
If you’re ready to experience the Gatewood way for yourself, we’d love to chat. We’re excited to show you what true fiduciary care looks like!
Important Disclosures:
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment, tax, or legal advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
