What It Means to be a Fiduciary and Why It Matters

In this episode of Dollars to Dreams, Tyler Hafford and Hannah Tackett tackle a core concept of their practice—and the trust they build with clients: fiduciary duty. Being a fiduciary isn’t just a technical term or legal requirement; it’s a guiding principle that shapes how Penobscot Financial Advisors engages with every client. Tyler and Hannah explain what it truly means to be a fiduciary, how it differs from other financial standards (like the “suitability rule”), and why it should be one of the first questions anyone asks when choosing a financial advisor.  Learn how fiduciary and fee-only models eliminate conflicts of interest and why fee transparency is essential.  For those considering financial advice, the episode offers a clear lens on what to look for—and what red flags to avoid.

 

YOU’LL LEARN:

– Fiduciary vs. Suitability Standard – What fiduciary duty entails and how it compares to other advisory models.

– Fee-Only Structure – Why removing commissions and product sales supports objectivity and transparency.

– Client-First Relationships – How fiduciary care builds lasting trust and personalized financial planning.