After saving for retirement for most of your working life, choosing the person to manage those funds is a huge exercise in trust. Unfortunately, having a knowledgeable professional who is willing to communicate with you may not be enough to ensure that that professional is acting in your best interests. If the person you’re relying on to manage your retirement funds is not designated as a fiduciary, you and your funds may be subjected to undue risk or fees.

The Responsibility of a Fiduciary

A fiduciary has certain responsibilities that he or she must uphold:

  • Fiduciaries act solely in the interest of the clients whose funds they are responsible for, with the exclusive purpose of providing benefits to them.
  • They are responsible for carrying out their duties prudently.
  • Fiduciaries have a duty to care for their clients, meaning they must show due diligence in following up to ensure that the plan they construct is still in the client’s best interests.
  • They are also responsible for being transparent about fees involved in the investments recommended by the fiduciary.

The governing body responsible for enforcing a person or entity’s fiduciary responsibility is the ERISA, or Employee Retirement Investment Security Act. Fiduciaries who do not follow principles of conduct mentioned above may be personally liable to restore any losses to the plan, making it in their own interest as well to ensure that they keep their client’s best interests first.

In the ever-shifting regulatory climate, we are proud to take the fiduciary guidelines mentioned here not as a requirement we have to scramble to hold ourselves to, but as a confirmation of what we’ve always believed is required in the relationship between our team of retirement architects and the clients we serve. At Miramontes Capital, we take the trust that our clients have placed in us very seriously. We work to take fiduciary responsibility and make it personal.


Schedule an in office or over the phone consultation to discuss how Miramontes Capital can help you with your new beginning through retirement planning.

Miramontes Capital is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Miramontes Capital and its representatives are properly licensed or exempt from licensure. This blog is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital unless a client service agreement is in place.