Updated: June 5, 2025
Inspiration for this article came from a conversation with David Bromelkamp, long-time NAPFA member, founder of Allodium Investment Consultants, and author of “AdvisorSmart for the Individual Investor” (published in April 2025).
David graciously invited me to write the foreword for his book, which advocates for individual investors to seek Fee-Only Fiduciary advisors and cautions against the marketing tactics and biased advice of commission-driven salespeople.
In my forward, David and his editor helped me share part of the story behind the founding of FeeOnlyNetwork. It’s a journey that began with promoting the very type of advisor we now caution investors to avoid. If I haven’t had the chance to tell you this story in person, I invite you to access it below.
David is making his book available for FREE in Kindle version in July, if you register for the AdvisorSmart for the Individual Investor newsletter by June 30.
Or, go get the book now in Kindle or hardcover.
When a prospect asks about fiduciary duty, your response should go beyond a simple “yes.” It takes courage to ask this question, and it can mark the start of a crucial conversation that can profoundly shape your client-advisor relationship.
In one of my many conversations with David Bromelkamp, he made the point that often times fiduciary advisors miss opportunities to deepen connections with prospects early in the relationship by merely affirming their fiduciary status with a “Yes”. This insight struck me as so obvious that it gets overlooked, yet it profoundly underscores the importance of engaging in meaningful discussions about values, expectations, and trust right from the start.
Delving Deeper
Instead of a brief fiduciary affirmation, seize the opportunity to ask how your prospect first learned about the fiduciary standard and why they consider it essential. Their responses can reveal values, concerns, and expectations—such as trustworthiness, unbiased advice, or transparency in fees—that shape their decision making.
Building Trust Through Dialogue
These meaningful discussions go beyond outlining their financial goals and your processes; it demonstrates your commitment to transparency and builds trust on a deeper level. It shows that you value your client’s perspective and are dedicated to aligning your services with their best interests.
Learning from Past Experiences
Ask your prospect about their past experiences with financial advisors—especially around fiduciary standards and transparency. Their answers can reveal expectations, frustrations, or concerns, allowing you to better align your approach with what matters most to them.
Treating the fiduciary question as the start of an open dialogue can make all the difference. By fostering this, you establish a relationship built on trust, clarity, and mutual understanding—a foundation essential for long-term success.
David’s words and actions have been truly inspiring in FeeOnlyNetwork’s mission to grow the visibility of fee-only fiduciary advisors – individually and collectively – and I hope that you find something here that will enrich your next prospect conversation.
I invite you to read the foreword to Advisor Smart here and sign up to get David’s book for free.
Allan Slider is the Founder of FeeOnlyNetwork.com, a one-of-a-kind digital platform that elevates the visibility of fee-only financial advisors, individually and collectively. Fee-Only advisors are ONLY compensated by the client and NEVER make commission by selling financial products, or receiving kickbacks from brokerage firms. Allan is a consumer & investor advocate and a 20+ year veteran of online marketing for financial advisors.
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