Anyone Heard of this Company? Fiduciary Wealth Management

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JSparks
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Anyone Heard of this Company? Fiduciary Wealth Management

Post by JSparks » Mon Jan 07, 2019 12:10 pm

A Vanguard rep suggested that I might be better off changing to a more affordable advisor to act as fiduciary for the 401k that I offer my employees. The name of the suggested company is Fiduciary Wealth Management, but there appears to be several companies across the country with this name. This one is in Alexandria Virginia. It appears to be a small company of just three people according to their website (fidwealthman.com).

Their brochure shows dozens of companies that they supposedly work with but I don't know if this is believable. The guy I chatted with at this place seems interested and intelligent but how do I know these guys can be trusted? What questions should I ask? Any one worked with them in the past?

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Alexa9
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Re: Anyone Heard of this Company? Fiduciary Wealth Management

Post by Alexa9 » Mon Jan 07, 2019 12:16 pm

As long as fees are straightforward/low and they are highly reviewed, it's probably okay. You might ask around your neck of the woods for more reviews or other recommendations. I don't see why you can't just use Vanguard though. Are the fees too high?

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JSparks
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Re: Anyone Heard of this Company? Fiduciary Wealth Management

Post by JSparks » Mon Jan 07, 2019 6:03 pm

Thanks. The problem is I can't find any reviews for them. The Vanguard rep and I agreed that Vanguard's advisory rates are too expensive for what I need so he recommended this company instead. He works with them on a few other accounts. I really don't know the Vanguard rep that well so I don't know if I can trust his referral for this company.

I guess that is why I'm asking here... hoping a few people could vouch for Fiduciary Wealth Management. It worries me just a bit that their name is somewhat generic.

livesoft
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Re: Anyone Heard of this Company? Fiduciary Wealth Management

Post by livesoft » Mon Jan 07, 2019 6:24 pm

JSparks wrote:
Mon Jan 07, 2019 12:10 pm
how do I know these guys can be trusted? What questions should I ask? Any one worked with them in the past?
Did you ask them these questions directly?

I suppose they could give you references. If you had been using them, would you be willing to be called by potential clients and give them a reference?
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Jack FFR1846
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Re: Anyone Heard of this Company? Fiduciary Wealth Management

Post by Jack FFR1846 » Mon Jan 07, 2019 6:40 pm

Maybe he was confused with Employee Fiduciary who is often mentioned as a good small business 401k provider.
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Globalviewer58
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Re: Anyone Heard of this Company? Fiduciary Wealth Management

Post by Globalviewer58 » Mon Jan 07, 2019 7:51 pm

You might compare their costs to Employee Fiduciary. Our company is in the process of making the transition of 401K plan after our long-time provider asked for a 50% price increase. They thought we would pass along the price hike to employees.

Employee Fiduciary has a stated goal of being a low cost provider of services. Their website is easy to navigate and the folks we are working with on the transition are top notch.

Good luck. It takes some effort to move the 401K plan but I look at it as a 20 year cost savings after the first 9 months to break even on cost.

Saving$
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Re: Anyone Heard of this Company? Fiduciary Wealth Management

Post by Saving$ » Mon Jan 07, 2019 8:01 pm

Guideline may also be worth checking into.

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