Fiduciary Financial Advisor

A fiduciary is legally required to act in your best interest. That sounds like it should be true of every financial advisor, but it is not. Some people who call themselves advisors are paid to sell products and are held to a different standard.

Toomey Investment Management is an independent registered investment adviser in Wallingford, Connecticut. As an investment adviser, we have a fiduciary duty to act in your best interest at all times. This page explains what that means, how we are paid and what to ask any advisor before you hire them.

A fiduciary must put your interests ahead of their own, give advice that fits your situation, and disclose conflicts of interest. In practice that means recommending what is right for you even when another choice would pay the advisor more, and telling you plainly how the advisor is compensated.

Not every financial professional works under that standard all the time. A salesperson at a product company may only be able to offer that company’s products, and the standard that applies can depend on the type of account. That is why the structure of the firm matters as much as the credentials of the advisor. We wrote more about this in Do I Need a Financial Fiduciary?

Because we are independent, we are not limited to one company’s products. We broker out our insurance products so we can compare carriers, we design our own portfolio models in our office, and we use a platform that lets us trade all US equities without commissions or transaction fees. We cannot guarantee rates of return, but we can be completely transparent about your all-in cost of investing with us.

Fiduciary advice also means advice across your whole financial life, not just your investments. Our advisors prepare tax returns every year and include tax planning in every client’s plan at no additional charge, and we coordinate with your attorney and accountant. See our financial services and why clients choose us.

Is Toomey Investment Management a fiduciary?

Yes. As a registered investment adviser, we have a fiduciary duty to act in your best interest in our advisory relationships. When we provide brokerage services, we are also required to act in your best interest, and we explain the differences between the two in our Form CRS.

Are you a fee-only advisor?

No. Advisory accounts pay a management fee based on a percentage of assets under management. We also offer brokerage services through Leigh Baldwin & Co., LLC, where transaction-based fees apply. We tell you which applies to each of your accounts.

Is there an account minimum?

According to our Form CRS, there is no minimum dollar amount required to open an account.

How can I check an advisor's background?

Use FINRA BrokerCheck and the SEC’s Investment Adviser Public Disclosure website, and ask the advisor for their Form CRS and Form ADV. Both show how a firm is paid, its conflicts of interest and any disciplinary history.