Our Financial Experience and Expertise
Founder and Principal Steve Blankenship, CFP, founded Heritage Financial Planning with the intent of bringing together the best elements from his formal education at Baylor University, his decades of real-world experience, and the lessons learned from working with some of the most respected financial advisors in the country. Today, the company has expanded to include a highly-professional team of dedicated financial consultants.
Most financial advisory firms are fee-based (as opposed to fee-only), which means they earn both fees and commissions. Other firms are commission-based, which makes the firm more of a sales organization than a true consulting organization. Because Heritage Financial Planning is fee-only, we receive no third-party commissions. We work solely for our clients, empowering them to make the best financial decisions possible.
Not all individuals seeking a certified financial planner are aware that it's important to make sure to find a financial advisor who is a fiduciary. What is a fiduciary, and why is this important? A fiduciary is an entity that acts on behalf of a person or group and is obligated to put clients’ interests first. Examples of fiduciaries can include trustees, attorneys, members of a company’s board or bankers, among others. However, not all financial planners or financial advisors are fiduciaries.
Why is it essential to have a fiduciary financial advisor? Fiduciaries are held to a much higher standard of conduct than a financial advisor who is not a fiduciary. This is called the prudent person standard of care, and it means the fiduciary has a legal requirement to act in the best interests of the client at all times.
A non-fiduciary financial service provider is under no obligation to act in good faith. They may have arrangements with different financial companies to sell their products or have some other agenda you are not privy to that may not necessarily be in your best interest. If you choose a non-fiduciary financial planner, you are relying on that planner’s individual code of ethics to make sure you are receiving proper treatment.
At Heritage Financial Planning, we act in good faith to give you peace of mind concerning your financial planning. As a registered investment advisor, we are obligated to put your best interests first and foremost. When you work with us, you can rest assured that we are looking out for you and your money.
This concept, of making sure we always put you and your needs and goals first, also fits in with our fee-only pricing structure. Companies that are commission-based or fee-based — taking both fees and commissions — are more susceptible to basing their advice or suggestions on factors other than your best interests. Instead, they're thinking about what may affect their bottom line. We have no such attachments.
As a fee-only fiduciary, we are in a position to give the best possible advice we can at all times. Our services are not dependent on getting clients to buy a certain product or a certain number of products. Our only concern is your satisfaction and peace of mind.
Our services are available to those in the greater Dallas areas, as well as surrounding areas like Fort Worth, Colleyville, Frisco, and Southlake. We offer a free initial consultation and are ready to assist you now. To find out more, please contact Heritage Financial Planning today.