How important is it to have loyal financial advisors? CNN en Español’s GloboEconomiá program recently turned to Mel Lagomasino, CEO and managing partner of WE Family Offices, for the answer.
During the interview, Lagomasino explains to host Jose Antionio Montenegro that, if an advisor is a fiduciary like WE, it is expected to have undivided loyalty to a client. There can only be two people in that relationship: the client and the advisor. That’s why at WE, client interests always come first, and our service offering is tailored to meet the specific needs of each family that we work with.
However, if the advisor is not a fiduciary, it creates a conflict of interest that involves three parties in the relationship: the advisor, the client and the institution that the advisor represents. This can result in a divided loyalty between the client and the institution, and the advisor may prioritize their own interests over the client’s.
Click here to watch her entire interview on CNN en Español here.
