Do you have a fiduciary on your side? A fiduciary is legally obligated to always recommend what is in the client’s best interest, regardless of how it impacts them. Josh and Austin dig deep into this topic on this week’s episode. They discuss how a fiduciary is different from other options in the financial planning world, why it is important to have one and how to find one. All of this, plus a dad joke of the week, in this week’s episode. Listen in, now!
Main Talking Points
[1:00] – What is a Fiduciary?
[2:54] – Comparing a Fiduciary to Other Terms
[11:14] – Is Your Advisor a Fiduciary?
[13:51] – Dad Joke of the Week
[14:48] – Why Do You Need a Fiduciary?
[19:37] – Wrap Up on Fiduciaries
Links & Resources
What is a Fiduciary? – NerdWallet
Invest With Us – The Invested Dads
Free Guide: 8 Timeless Principles of Investing
Social Media
Full Transcript
Intro:
Welcome to the Invested Dads Podcast, simplifying financial topics so that you can take action and make your financial situation better. Helping you to understand the current world of financial planning and investments, here are your hosts, Josh Robb and Austin Wilson.
Austin Wilson:
All right. Hey, hey, hey, welcome back to the Invested Dads Podcast, a podcast where we take you on a journey to better your financial future. Today, Josh, we’re going to talk about what is a fiduciary.
Josh Robb:
Fiduciary. That sounds like a superhero, right?
Austin Wilson:
I mean, it kind of is. I mean, that’s pretty cool. Speaking of superheroes. Marvel movies.
Josh Robb:
Marvel movies.
Austin Wilson:
Still working my way through them.
Josh Robb:
Yep.
Austin Wilson:
Up to —
Josh Robb:
In chronological order.
Austin Wilson:
Chronological order. Up to … Well, the choice is either Spiderman or Dr. Strange. And I’ve been really excited to see Dr. Strange because I like Benedict Cumberbatch. Sherlock. Shameless plug–
Josh Robb:
The BBC one? It’s a good one?
Austin Wilson:
Oh, my goodness. It’s legendary. So, fiduciary.
Josh Robb:
Yeah.
[1:00] – What is a Fiduciary?
Austin Wilson:
What is a fiduciary, Josh?
Josh Robb:
So, a fiduciary … Let’s start by defining the word. So, in the dictionary, a fiduciary —
Austin Wilson:
Wait, let’s break it down. “Fiducial.”
Josh Robb:
“Fidiuc” means … Did you ever see the Panda … Kung Fu Panda?
Austin Wilson:
Yeah.
Josh Robb:
That’s kind of what he says when he’s, like, fighting, but anyway.
Austin Wilson:
He’s like, “Fidoosh.”
Josh Robb:
Yep.
Austin Wilson:
And then “airy” is full of air.
Josh Robb:
Full of air.
Austin Wilson:
Okay.
Josh Robb:
You figured it out, but really, it’s a person who holds a legal or ethical relationship of trust with one or more people.
Josh Robb:
Typically, a fiduciary prudently takes care of money or other assets for another person. So, from a high level definition, a person is a fiduciary if they hold a position of authority or power, usually over assets and money of some sort, for someone else. So, outside of finance, a board member is a fiduciary to the company. They have to act in the best interest of the company.
Austin Wilson:
Yeah.
Josh Robb:
Another example is if I am a trustee on a trust. A trustee is a fiduciary of that trust. They have to act in the best interest of those beneficiaries of the trust. So, you can be a fiduciary in other aspects, but when we’re talking finance, in the financial world, a fiduciary is a person or can be an organization, but usually, it’s an individual that acts on behalf of another person, and they put their client’s interest ahead of their own.
And that’s key. We’ll get into that down the road. It’s their duty to preserve good faith and trust and requires that you’re bound both legally and ethically to act in the other one’s best interest.
Austin Wilson:
So, this sounds like a pretty serious deal.
Josh Robb:
Yes, it is.
Austin Wilson:
It’s actually legally binding. Of course, we care about ethics as we care about being nice and doing the right thing —
Josh Robb:
Doing the right thing.
[2:54] – Comparing a Fiduciary to Other Terms
Austin Wilson:
And all of those things. So, fiduciary … Yeah, let’s … So, we kind of have broken down what fiduciary means, kind of some definitions. Let’s compare it to other terms you might hear of in the finance industry. A term that comes to mind, Josh, is broker dealer.
Josh Robb:
Yes.
Austin Wilson:
Now, comparing that to what you had talked about, a broker dealer … Where a fiduciary has to act in the client’s best interest, you know, do really what’s best for clients completely above all things. A broker dealer on the other hand follows what’s called a suitability standard that’s set by the Financial Industry, Regulatory Authority, or FINRA.
Josh Robb:
FINRA.
Austin Wilson:
FINRA. Another fun acronym. We have a million in this industry. So, this means that broker dealers must have a reasonable belief, and I’m using air quotes in a podcast, that an investment transaction, or frequency of transactions, is suitable for customers. It’s a lot different than what we had talked about with a fiduciary.
Josh Robb:
Yeah. A suitability standard just means that your recommendation, your advice, must be suitable for that client, suitable meaning it makes sense for them.
Austin Wilson:
Right. That does not necessarily mean that the client’s interests are necessarily above those of the firm.
Josh Robb:
Yes.
Austin Wilson:
But they may be equal or even below, as long as it’s deemed suitable. Right?
Josh Robb:
Yes. So, an example that would be a good advisor, whether they’re a broker dealer or a financial advisor, would first find out what is my risk tolerance. We’ve talked about that in the past. How much risk can I take in my portfolio? What are my goals? What are my long-term goals? What is my money available? What’s the time period that I’m going to invest in? Do all that stuff. Broker dealer, advisor, whoever it is, they’ll do that.
Josh Robb:
If you have a suitability standard, then you say, “Okay, they could be in stocks. I have this S&P 500 ETF that pays 0.03% annual fee, no commission,” or, “I have this mutual fund that pays a 5% commission, and its annual fee has a trailing theme that kicks back to me, and it’s 0.5%,” or whatever.
Austin Wilson:
Suitability —
Josh Robb:
Suitability says —
Austin Wilson:
They’re the same.
Josh Robb:
They’re the same in that both meet the client’s suitable. They’re ideal for their situation. Now, the difference is how does the broker dealer … What does he get out of the deal? He may be more inclined to recommend the one that gives them a nice kickback than he is a cheap ETF.
Austin Wilson:
Yeah, even though the right thing for the client, in terms of what would benefit them the most, would be the cheap ETF because the expense ratio would be lower.
Josh Robb:
So, suitability … The standard is just as long as it makes sense, knowing everything you know about the client, that it fits within their tolerance and their means, that it’s suitable.
Your obligation, actually, at that point is to your employer if you’re a suitable. If I work for a company that has their own in-house mutual funds, and they say, “Hey, you know what? You really need to push these so we get more assets in those,” my obligation is to that. If I have the suitability standard, my obligation is to make sure my employers … also their needs are being met
Austin Wilson:
Yeah, there was a … I’ll link the article in the show notes, but there was an Investopedia article talking about fiduciaries and what that means. The quote that I really liked in that one … It said, and I quote, “A key distinction in terms of loyalty is also important. A broker dealer’s primary duty is to their employer. The broker dealer … The broker dealer who and they work, not their clients.” That’s the quote.
Josh Robb:
Yeah.
Austin Wilson:
That’s not necessarily saying that these people are evil.
Josh Robb:
Right.
Austin Wilson:
But that’s saying they operate very differently, and if, oftentimes, there’s a severe conflict of interest.
Josh Robb:
Yep. That’s the key. Conflict of interest is what you’re going to hear us talk a lot about. It’s the difference between a fiduciary and the suitability standard is the conflict of interest change.
Austin Wilson:
Yeah.
Josh Robb:
You can be a great broker dealer and do an awesome job for your clients. The key to that is you’re always transparent about your conflicts. You say to your client, “Okay, here’s your options. Here’s the cost, Here’s the fees associated. You decide.”
You lay it out for them, and then they choose. You could be a great broker dealer and do a good job. The difference is if you’re not trustworthy, you can hide some of that information and kind of force it one way. The other —
Austin Wilson:
And still legally be okay.
Josh Robb:
Yes. Yep. The other side of it is called churning, which is selling and buying a lot to get those commissions. Let’s say you do get them into lower costs, but you get a 495 trade every time you do it. You say, “Well, I’m going to rebalance them monthly just to make sure they stay in there.” So, I get 495 trade each month. What if you didn’t need to do that monthly?
Austin Wilson:
Yeah.
Josh Robb:
That’s, again … There’s some issues that can happen in our industry. That’s why some of these rules are in place and why they’re trying to expand these definitions to cover more people. They want to eliminate as many conflicts of interest as possible.
Austin Wilson:
And that’s because it’s some of these conflicts of interest that have really given the finance industry a bad name over time, historically speaking.
Josh Robb:
Right.
Austin Wilson:
Another key difference is compensation. You kind of talked about how if you are running … If you are a broker dealer, and you’re doing a good job at what you do, you should be very transparent about that. Well, one of the key differences is compensation. Broker dealers generally compensated on a commission, like you had mentioned, versus an independent investment advisor who’s a fiduciary would generally use something like a percent of assets.
That, like you had mentioned, can lead to sometimes, regardless of suitability, it can lead to a pushing of products that might make a company more money or a person more money rather than what’s maybe the cheapest or whatever. And then, also, on the flip side, the fiduciary side, if you’re billing on a percent of assets, that puts the company on the same side of the table as the client. If the client does better, makes more money, which is what you want them to do in your role, your company makes more money, too, because the assets are higher. It’s kind of like it levels the playing field.
Josh Robb:
It does. Now, keep in mind the goal is to bring to light or eliminate as many conflicts as possible.
Austin Wilson:
Correct.
Josh Robb:
You can’t get rid all of them. For instance, if you move from getting a commission to getting a percent of the assets, the more assets you manage, the higher commissions are. That conflict moves from, “What investments do I choose because they pay commission,” to, “How do I recommend they move assets, and where should they be?”
Austin Wilson:
Exactly.
Josh Robb:
So if there is, for instance, a retirement account, like a 401k that your client has, and I’m a fiduciary, and I take a percent of the assets, one of my conflicts is if I say, “Hey, you should bring that to my firm.” My conflict there is, “Am I saying that because it’s best for them, or is it because I’m going to get a percent of that asset every year, because I’m charging an asset fee?”
Again, nothing wrong. You have to be transparent and clear, and there’s rules in place to do that. Same as going back to broker dealers. Commissions aren’t bad.
Austin Wilson:
No.
Josh Robb:
They get a … Especially in our industry, they’re getting a lot of spotlight on them. Let’s say I am an individual who loves doing my own research. I like to pick my stocks and my funds. I just need somebody to make those transactions for me. I’m a buy and hold person. I’ll find the company I want. I just need somebody to put those transactions.
A commission broker dealer is ideal. You don’t want to pay an asset management fee if you don’t need them to do any of the work for that account. You’re actually going to save money by paying them an upfront commission to make a one trade and then let you hold that than you are for …
Again, it really depends on what you’re doing and how aware you are. If you’re the one making the decision, you’re eliminating his conflict of interest. He’s not recommending a stock to you. You’re choosing it. Again, I want to be clear. We are, at our firm, we are a fiduciary. We are a percent fee management firm. That’s how we’re set up, but it’s not to say that’s the only way to do it.
[11:14] – Is Your Advisor a Fiduciary?
Austin Wilson:
Again, we’re going to beat this horse. It’s not to say that broker dealers are inherently evil just because they’re not a fiduciary or whatever. That doesn’t mean they’re out to get you. We know good and honest people who work in this kind of business, but it’s to say that there is always some sort of conflict of interest, and as fiduciaries, it’s our job to make that as little as possible. But there’s always going to be some, no matter which angle you go there. It’s just good as a client to be aware of what that is and to know what questions to ask and stuff like that.
So, Josh, what is one way to ensure your advisor is a fiduciary?
Josh Robb:
The first one is ask.
Austin Wilson:
That’s a —
Josh Robb:
Very simple. Just say —
Austin Wilson:
You don’t know if you don’t ask.
Josh Robb:
“Are you a fiduciary?” There’s some great articles. You mentioned a definition there on Investopedia. NerdWallet had an article about fiduciary, which we’ll link in the show notes, too, and they kind of broke that down as well. But one of the things you just … Just ask. “Are you a fiduciary?’.
Austin Wilson:
Right.
Josh Robb:
Now, make sure that they say they are a fiduciary. Some may say, “I’m acting as a fiduciary,” which means they’re pretending to be one or something.
Austin Wilson:
It’s not legally binding at that point.
Josh Robb:
Right, but they are trying to. You can get it in writing. A good advisor will have some sort of documentation talking about how they act, but fiduciary is key, so ask. If you’re looking for an advisor, there are places and websites that allow you to search for those.
Josh Robb:
The Certified Financial Planner, which is the CFP, which is a designation —
Austin Wilson:
That you have.
Josh Robb:
I have that. It’s a designation an advisor can get. It’s additional education and testing that are required to do. They actually have a search feature, because every CFP takes a duty to be a fiduciary. They take a … What’s the term I’m looking for?
Austin Wilson:
Like an oath.
Josh Robb:
Yeah. They take an oath. Every year, they have to certify that they are a fiduciary and act in that behavior.
Austin Wilson:
Yep.
Josh Robb:
They also … A CFP goes beyond the regulations, the minimum regulations, and they have additional education experience for that as well. The CFP has a website. They have a search there is … It’s like a “Find my Advisor” thing.
There’s organizations out there. There’s the National Association of Personal Financial Advisors, or NAPFA. That is an organization that you have to be a CFP to be a part of. Again, by default, they’re all fiduciaries in that group. They also have a search feature there if you want.
Again, they have additional education requirements on top of what the CFP has, so that’s another organization, again, which I’m a part of. I joined that because you get to network with other like-minded advisors. I enjoy it from an educational standpoint, from the connecting point, from a client standpoint, knowing that they’re part of a network.
If I have a question that a client brings up, and I may not have experienced yet or have any information on, I can reach out to other fee-only advisors, and they will help me get that answer. There’s a lot of expertise in there.
Those are two ways. Ask. First, ask your current one, and if they say no, it’s not like you got to run from them. If you know them and trust them and you like what they’re doing —
Austin Wilson:
And you understand how things are working.
Josh Robb:
Yes. Then, that’s fine. But just make sure that how they recommend is regulated a little differently.
[13:51] – Dad Joke of the Week
Austin Wilson:
This has been probably one of our heavier … Maybe. one of our less … more dry discussion points, but it’s a really, really important one —
Josh Robb:
It is very important.
Austin Wilson:
That everyone who is working with someone to manage their money needs to understand. I want to take a step back.
Josh Robb:
Yes.
Austin Wilson:
Lighten the load a little bit and make you laugh, because we’re recording this on a Friday, and Friday means Dad Joke Friday, even though this is going to come out on a Thursday.
Josh Robb:
So, it’s confusing.
Austin Wilson:
So, it’s confusing. I’m going to break into the lovely book, Dad Jokes: Terribly Good Dad Jokes, that my wife got me.
Josh Robb:
It’s been so useful.
Austin Wilson:
Because … And I’m running that … We’ve done a lot of episodes, and there’s not a million —
Josh Robb:
Have to find some more.
Austin Wilson:
Dad joke of the week, Josh. What is the name of the fattest knight?
Josh Robb:
The fattest knight?
Austin Wilson:
With a K.
Josh Robb:
Yeah, like a Knight of the Round Table kind of guy. Okay. I don’t know. What would their name be?
Austin Wilson:
Sir Cumference.
Josh Robb:
Sir Cumference. I like it.
[14:48] – Why Do You Need a Fiduciary?
Austin Wilson:
All right. We are back. Josh, why do you need a fiduciary in your life?
Josh Robb:
Yeah. The biggest reason —
Austin Wilson:
Or just maybe not even that. Maybe not even that far. Why do you need to work with a financial professional?
Josh Robb:
Yes. A financial professional will help you understand situations that you may not be an expert in. The same is true for me. I’m not a great mechanic, so I need someone who understands that to take care of that aspect of my life that I’m not good at. Financial advisor or anybody in this industry is there because they understand finances, and they can help someone who doesn’t have the time or the desire to do that. That’s why you need a financial advisor
Why do you need a fiduciary within that role, or why would that be a benefit? It adds just one more layer of trust that you know they’ve at least addressed or will address conflicts.
Austin Wilson:
Trust is key.
Josh Robb:
Yes. You’re talking about your money.
Austin Wilson:
Yeah.
Josh Robb:
No one cares more about your money than you do, so you want to make sure that the next person has as much concern as they can for your money.
Austin Wilson:
So, kind of dig back in to how would someone find a fiduciary to work with.
Josh Robb:
Yeah. There are different aspects. Let’s say you say, “You know what?” … For instance, a lot of fiduciaries, because they’re on the fee-based model where they charge a percent of the assets, they may have a minimum that you need to work with them. That’s normal in our industry. The thing is it’s got to be cost-effective, because for them to make money, they’re charging percent. It’s not on trades or anything like that. It’s just kind of a more steady income flow. They need a certain level of client base to make it profitable for them.
Unfortunately, because this high standard, a lot of people don’t qualify, so it’s hard for them to find a fiduciary. Again, the CFP, the NAFPA, those are great spots to go look for one and see … Some don’t have a minimum, some do. If you’re having a hard time, there is kind of an in-between, all right? Robo Advisors. I don’t know if we’ve talked much about these in the past.
Austin Wilson:
Makes me want to do Robot.
Josh Robb:
I mean, it kind of makes me think of like RoboCop, but with a calculator. I don’t know.
Austin Wilson:
And like Terminator.
Josh Robb:
Yeah.
Austin Wilson:
Like a Terminator with a suit and tie on.
Josh Robb:
Oh, man.
Austin Wilson:
Like Robo Advisor, right?
Josh Robb:
That is a little different than what it actually is, but the idea is you take the investment management piece and a little bit of the advice piece, and you automate it. You use algorithms. You use computer programs to say, “Okay, you input some data: age, some to our risk tolerance questionnaire, how long are going to plan on and leaving this investment in,” and it will use its programming to say, “Okay, here’s how you should invest.” It, in a sense, automates your advice to invest.
Josh Robb:
It’s great. Is it a fiduciary? That’s a good question.
Austin Wilson:
It might be a yes and no.
Josh Robb:
It’s a yes and no. It can be depending on who or what the organization is that’s using it, but it does eliminate some conflicts in that this Robo Advisor has less of a reason to churn a portfolio to keep trading it or those types of things, because it’s not an entity that … Now, it depends who programs it, but the idea in general is a Robo Advisor is less conflicted, because it’s going to be based off of an algorithm results.
Austin Wilson:
And cost-wise.
Josh Robb:
Cost-wise, it’s usually pretty cheap.
Austin Wilson:
It’s very affordable, usually.
Josh Robb:
The downside is you are talking to a computer.
Austin Wilson:
Yeah.
Josh Robb:
In 2020 —
Austin Wilson:
I do that enough already.
Josh Robb:
Yeah. In 2020, when COVID-19 hit, and there was a lot of turmoil in the market, there were articles written about the frustration of some people using Robo Advisors, because they needed to talk to somebody before they made decisions that could have a long-term impact on their portfolio. When you use that type of program, a lot of times, there’s not somebody available.
Austin Wilson:
“Should I sell on March 23rd,” would’ve been that question that a Robo Advisor would not be able to help you with.
Josh Robb:
Yes or no cell order. That’s all they care about. So, Robo Advisors, they’re fine. Again, it’s your situation. Are you one to just need some investment advice on how to allocate? Robo Advisor would be fine, because it just helps you with the allocation, but if you need more planning, they don’t yet have robots to help you with that.
Austin Wilson:
It could be viewed as kind of a stepping stone for people getting started out in their saving and investing career timeframe where they may not have the minimum to work with that fiduciary type firm.
Josh Robb:
Yep.
Austin Wilson:
But they need to … So, they need to save up until they can hit that level or whatever, so this could be an opportunity to build wealth in that way at a low cost-effective way until one day, you’ll be like, “Okay, it’s a no brainer. Now, I want to work with someone I can talk to on a daily basis.” Hopefully, not a daily basis, but sometime.
Josh Robb:
Periodic.
Austin Wilson:
When you have questions.
[19:37] – Wrap Up on Fiduciaries
Josh Robb:
Yep. Summarize it back. A fiduciary is really somebody who has a moral, legal, ethical obligation to always recommend what is in the client’s best interest, regardless of how it impacts them or their firm.
Austin Wilson:
In many … I don’t think we really hit on this yet, but in many instances, what’s best in the client’s interest may not be what’s best on a numbers basis for the firm, but you are obligated, legally and ethically, to do, even if it’s not as good for the business, what’s better for the client. That may mean leaving the assets elsewhere or doing something like that.
Josh Robb:
Or all the different pieces of, “Okay, should I add more money to my account or pay off debt?”
Austin Wilson:
Right.
Josh Robb:
That’s a conflict, because again, it comes in there, so you just have to be very transparent and clear and explain all the rules and situations and say, “Okay, let me help you make that decision together.”
Austin Wilson:
Yeah.
Josh Robb:
So, that’s what a fiduciary is. Why to have one? Again, we’ve explained it. It adds one more layer of trust, a couple fewer conflicts of interest when it comes to the investments in the portfolio, and then, where to find one. Again, you can even just Google “fiduciary near me,” and there’s quite a few websites like the CFP and NAPFA and a couple others that will help you find that. Then, when you do talk to them, and I get this question a lot, is they’ll just straight up ask. It’s not an insult to ask somebody, “Are you a fiduciary?”
Austin Wilson:
So, I guess next step for listeners is A. if you have a financial advisor, ask them if they’re a fiduciary. Simple as that. Ask them if they’re independent, and try and determine those conflicts of interests that could be there. Be sure you know how they’re compensated, and this is an all … It’s a conversation that any advisor should be more than willing to have because transparency is key, and we want trust. Trust is the keyword there. I guess just how transparent they are can be very telling of how this works there.
Austin Wilson:
So, Josh, kind of just take a moment and talk a little bit about what we do here.
Josh Robb:
Yeah. So again, we try not to push too much. This is an educational podcast, but we are an investment advisory firm, and we are a fiduciary where I work and Austin works. We do what we do to best help our clients and give them their best advice in each of their situations.
Josh Robb:
We’re also independent in that we’re independently owned by our two founders and that just separates us. Again, there’s no one pushing anything down our directions. Again, getting a percent of assets means when the assets go up in value, because they’ve earned money, our percent of the fee goes up in dollar terms, because there’s more assets to charge a fee on.
Austin Wilson:
So, when you succeed, we succeed.
Josh Robb:
When it goes down, our fees go down. We move … We’re on the same side, and that’s what you want to see from any fiduciary fee-only advisor.
Austin Wilson:
Yeah. I guess, kind of in summary, we are here. If you have any questions, don’t hesitate to reach out. There’s a form on our website called Invest With Us. You can click on that tab, and you can get ahold of us that way. Learn a little bit more about us. Don’t hesitate to reach out overall, but again, we’re just hoping you learn something in this more than anything and that at least you know some questions to ask.
Josh Robb:
Because my biggest concern is a young person has a bad experience with an advisor, and it deters them from wanting to do any investing.
Austin Wilson:
Right.
Josh Robb:
And that, to me, is the long-term impact that I would hate to see happen to somebody. Again, you find a great advisor, broker dealer, whoever it is that can help you that you trust along the way, and you understand what they’re offering you and what terms are attached to that, and find someone you like and stick with them. That’s the key.
Austin Wilson:
So, as always check out our free gift to you. It’s a brief list of eight principles of timeless investing. These are overarching investment themes to keep you on track, to meet your longterm goals. It’s free on our website. Check that out. Josh, how can people help us grow this podcast, continue to help people, continue to educate people over time?
Josh Robb:
The biggest one for us is if you have a topic you want us to talk about, shoot us an email. Go to hello@theinvesteddads.com. That’s our email address. Send an email with a topic, because again, we want this podcast to be informational, informative, and educational for you guys. But also, subscribe, so you get every Thursday, the alert, that we dropped a new episode. Leave a review on Apple Podcasts. That helps us rank so that more people can find us. If you know somebody who’s asking about a financial advisor or is thinking about finding one or switching, share this episode with them. Let them now what a fiduciary is.
Austin Wilson:
All right, well, until next Thursday, Josh and Austin, signing off.
Josh Robb:
Yep. Talk to you later.
Austin Wilson:
Thanks. Bye.
Outro:
Thank you for listening to the Invested Dads Podcast. This episode has ended, but your journey towards a better financial future doesn’t have to. Head over to theinvesteddads.com to access all the links and resources mentioned in today’s show. If you enjoyed this episode, and we had a positive impact on your life, leave us a review, click subscribe, and don’t miss the next episode.
Josh Robb and Austin Wilson work for Hixon Zuercher Capital Management. All opinions expressed by Josh, Austin or any podcast, guests are solely their own opinions and do not reflect the opinions of Hixon Zuercher Capital Management. This podcast is for informational purposes only and should not be relied upon for investment decisions. Clients of Hixon Zuercher Capital Management may maintain positions in the securities discussed in this podcast. There is no guarantee that the statements, opinions, or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses, which would reduce returns. Securities investing involves risk, including the potential for loss of principle. There is no assurance that any investment plan or strategy will be successful.
