Many words get thrown about in the financial industry and not only can it be hard to keep up, but it can also be challenging to know what they all mean and which ones apply to you. One word that is now being used often is fiduciary and a ‘fiduciary’ advisor, but how do you know when you need one and what is the difference between a ‘fiduciary’ advisor and a broker, chartered financial analyst, certified financial planner, and a certified investment management analyst?
A fiduciary is a person who is given the power to act on behalf of another and put their interests first when it comes to their financial investments. A ‘fiduciary’ advisor must act in the best interest of their client; they owe their client a duty of loyalty.
The Securities and Exchange Commission rules and the Investment Advisors Act of 1940 spell out five primary responsibilities of a fiduciary advisor which are:
Put the client’s best interest first:
The ‘golden rule’ of fiduciary duty is that a fiduciary owes a sole duty of loyalty to the investor(s) he or she serves. This is in stark contrast to the divided loyalties of a non fiduciary, such as a broker.
Act with prudence; that is, with the skill, care, diligence and good judgment of a professional:
Going well beyond the suitability requirement to have sufficient knowledge about an investor’s circumstances, a fiduciary is held to a prudent expert standard and is expected to appropriately apply generally accepted investment theories.
Do not mislead clients; provide conspicuous, full and fair disclosure of all essential facts:
While this is important in both advisory and transactional relationships, disclosures required for investment advisors are more extensive and are oriented toward factors that may influence a client’s decision to establish a long-term relationship of trust, such as business practices and conflicts of interest.
Avoid conflicts of interest:
A conflict of interest is a circumstance that makes fulfillment of a fiduciary’s duty of loyalty less reliable. Hence, battles by fiduciaries are to be avoided whenever possible.
Fully disclose and reasonably manage, in the client’s favor, unavoidable conflicts:
Certain conflicts cannot be avoided, such as when an advisor’s employer provides investment products that may fulfill important unmet investment needs in client accounts.
How Do You Know If Your Advisor Is A Fiduciary?
The easiest way to find out if your advisor is acting as a fiduciary is to ask them. If they say yes, then you should ask still to see documentation and get it in writing as they shouldn’t have a problem with this, they’re working in your best interest. If they’re not acting as a fiduciary, they won’t give you paper copies of something that says they are, because it’s a legal standard.
When Do You Need a Fiduciary Advisor?
The only way you’ll know if you need a Fiduciary Advisor is to think about what services you want from a financial professional as not all investors need fiduciary guidance. Do you know what type of investor you are? As this will help massively in identifying the best financial advisor for you.
Different investors like to do different things; some love researching investments and know precisely how they want to invest, if this is you, then you may only need help to place trades, and this doesn’t require fiduciary expertise. Then, you could be an investor who is looking for more guidance on topics such as where and how much to save for your various financial goals. If you are in this situation, then you would do well with the diligent care and broader range of services a fiduciary provides.
It is important, however, that you understand how each advisor makes their money and what value they’re providing for what you are paying them as according to Personal Capital research, more than 20 percent of investors don’t know how much they pay in investment fees; 10 percent aren’t sure if they pay fees at all. And almost one-third of Americans falsely believe higher fees mean better returns when research has demonstrated the opposite.
Where Can You Find A Fiduciary Advisor?
If you don’t know where to begin, then take a look at a website like Why Fiduciary, which will give you a tremendous amount of choice, to start with. Alternatively, do some research on companies who are within the industry, for example for the fourth consecutive year there has been a new award for Asiaciti Trust, who has delivered specialist fiduciary and administrative services to individuals, intermediaries, and corporations for over 40 years. Reading reviews and going with someone who is well known and highly regarded in the industry is a smart thing to do, so do your homework and choose wisely.
Over the past few years, running businesses from home has become more and more popular. No longer do you need a traditional office space to authenticate your plans or successes. There are plenty of reasons why this choice is appealing, from greater control over your workspace to the fewer risks. However, the one that entrepreneurs are often most excited about is the lower costs. Running a business from home tends to come with fewer expenses, making it ideal for companies on a budget. To cut costs even further, here are ten things that you can do.
1. Use What You Have
Starting a business is an exciting venture, but, as tempting as it may be to buy all new equipment and furniture, you should try to resist. These items can be costly, especially brand new, and with so little money in the budget, to begin with, you can’t afford to waste it on things you don’t need. Rather than splashing out, take a look around your home and see what you already have to use. A spare table and chair can work for a desk, at least until you have a little more cash.
2. Shop For Used Furniture
Unfortunately, it is possible that you don’t have anything you could use for your home office. If this is the case for you, then you still needn’t buy brand new furniture or technology. Instead, check out second-hand stores and charity shops to see if you can grab a bargain. You can also look for essentials in newspaper ads or online listings. As long as the things you buy are in good condition, there’s no reason why they should be the latest model or brand new in the box.
3. Stock Up On Essentials
Unfortunately, when it comes to setting up your home office, it’s not just furniture and equipment that you need to gather. There are a number of other essentials you’ll have to consider, all of which come with a price tag. These things include pens and paper, tea and coffee, and healthy snacks. Because you’ll need a large quantity of these products over time, you should consider buying in bulk. Many suppliers tend to offer a substantial discount when you do this.
4. Look To The Sky
When you begin to work from home, certain household bills, like water and electricity, tend to increase. After all, the more you’re in your house, the more you’ll use your utilities. To cut costs on your water bills, you should consider investing in a rainwater tank, like those at https://www.nationalpolyindustries.com.au/. This means you’ll always have access to free and clean water. Although the initial cost can be large, a tank like this will save you money over time.
5. Protect Against Potential Attacks
Though home businesses are generally subject to fewer risks, there is always the potential for an attack, whether it be online or in the real world. These attacks can lead to a loss of products, equipment, or data, all of which can cost you money. To protect your online life, you should use strong and complex passwords and avoid joining public wifi. You should also invest in antivirus software. Security equipment and home business insurance are essential too.
6. Don’t Renew Your Insurance
As important as it is to insure your company, you shouldn’t automatically renew your policy each year. More often than not, insurance companies offer discounts to businesses when they first purchase insurance with them. After the first year, this discount may run out, leaving you paying more than you would like. For the best deal, you should shop around for insurance each year, comparing the costs of each provider. Just be sure you’re comparing like for like policies.
Products like ink and paper may not seem all that costly when buying them in small quantities, but if you spend your days taking notes and printing documents, these small purchases are certain to add up. To combat this expense, you should stop printing hard copies of documents unnecessarily and instead store them on the cloud. This produces much less clutter, is better for the environment, and, of course, costs you less. It also allows you to work almost anywhere.
8. Buy Energy Efficient Equipment
Throughout just one working day, you’re going to use a substantial amount of electricity in your home office. While there may be no way to eliminate this energy consumption completely, you can definitely cut it down, saving you money in the process. One of the best ways to do this is by switching to energy efficient equipment. These models will use less electricity to power your tech. For more help on reducing your vampire power, visit https://www.clickenergy.com.au/.
9. Pay Your Bills Online
Even small businesses have some bills they need to pay each month. When it comes to doing this, you generally have a few options. Rather than sticking to the old-fashioned way of paying by post, you should switch to paying online. This will save you the time and money you would have wasted on postage. Many companies also offer discounts for customers that pay online, as this is also a more convenient option for them. Whatever you decide, just ensure you do so on time.
It doesn’t matter whether you work for yourself or someone else – In the world of business, time is money. This means that the more time you waste each day, the more money you’re going to lose in the long run. To avoid this, you need to boost your time management and use your hours more effectively. The more distracted you are, the less you’ll get done, so make sure you do what you can to minimize distractions by setting up an office and sticking to work hours.
While home businesses are the cheaper choice, they’re not without cost. To save money running your company, remember the advice above.
No one ever wants to be injured or taken ill. It is one of those situations in life which we never want to be in ourselves but sometimes it will happen and it is unavoidable for us. If you do ever do find yourself with an injury which isn’t your fault it can be a hard recovery and you could spend a lot of time off work.
Today we are going to look at some of the ways that you can prevent yourself from suffering an injury at work and be healthier for it.
Be ready to gather evidence
Although this is never something you want to have to do, you need to be ready at all times just in case you have to gather evidence and use a law firm to make a case for yourself. You can use the contact us side of a lawyers website to see what evidence you would need in a case and this will allow you to always be on your guard and ready if something does happen that you can’t control.
Know your surroundings
One of the main things which can trip you up, figuratively and literally, when you are in work is not paying attention to what is around you. When you get to work and start doing your job for the day it is important to also think about the type of job you are doing and how safe it is. For example working in an office is a fairly safe job and the biggest threat you will have is an electrical one or a fire. Whereas if you work in a warehouse such as Costco, you will have a lot of steels with pallets piled high, forklift trucks and a host of other dangers to watch out for. If you can always stay alert and aware of the things around you, you will be much less likely to hurt yourself because you will keep an eye out for danger and be ready to react to it when it comes.
Use tools correctly
If you dont 100% in your heart know how to use something correctly, don’t use it! Always be aware when you come across tools and machinery in the workplace that you should learn how to use them correctly before you go all gung-ho and wing it. When you see these horror stories online of people mincing their hands and cutting off limbs, a lot of the time it is because they didn’t know how to use a tool! Ask someone for help and make sure you are fully trained, and you are much less likely to have a problem.
Report unsafe conditions
When you work in a large place such as result or a construction site, it can be easy for you to walk straight past a hazard and assume that it is going to be dealt with by the appropriate people. However sometimes this won’t be the case and you will have to think smarter and make sure to tell someone what’s going on. It is always important to report issues even if you think they are being dealt with because there is never a guarantee and you could save someone from really hurting themselves.
Wear the right equipment
It’s not only people in the lab who have to wear safety equipment for their job, there are a lot of other professionals which require you to wear safety gear at all times to keep you and everyone around you safe. For example in an office you will likely have a name tag or fob which you swipe to get in and out of the building. This is for the security and safety of you and the office in case of an emergency. On a construction site you need to wear goggles, helmets, steel capped boots and gloves to keep you safe from heavy materials and falling objects. In a warehouse you have to wear steel toed boots and a hi-vis jacket to help people see you when they are driving a forklift. Be sure to always wear what you are given because it is there for a reason.
Be careful
Don’t rush your work. If you are supposed to be stacking a shelf full of beers and wine, make sure you don’t carry too much at once and take your time. If you have to drill into the ground for your job, be gentle and make sure you don’t slip. Always be careful when doing your job and this will help you prevent injury.
If you’ve ever considered starting a copywriting business because you feel like you’re talented in putting words together in a way that gets people to take action – specifically when it comes to getting them to buy something, and you think you’re passionate about it, then this could absolutely be a great career choice for you.
Not only do copywriters enjoy highly interesting and varied careers, but they also make great money when they understand how to market themselves properly and actually get the good clients (let it be known that just because a client wants to hire you, doesn’t mean they’re a good client).
However, you may be wondering how exactly to get started as a copywriter, so in this post, we’re going to share with you exactly how to go about that.
Choose a niche:
As the very first step of starting any business – but especially a copywriting one, you need to know what your niche is. Your niche is basically the one area that you focus on specializing in better than your competitors. For example, you could choose to niche down into working for the medical industry, you could niche down even further where you only write copy that pertains to certain pieces of medical equipment, or you could choose to work for technology companies like https://www.profisee.com/master-data-management-what-why-how-who – additionally, you could choose to not niche by industry but by copy type. For example, only web copy, or only marketing copy such as blog posts, email newsletters, brochures, etc. The point is that choosing a niche is what helps your ideal clients identify you among the sea of generalists who write a bit of everything, but don’t really do anything to an expert level.
Choose your services:
Once you know what niche you’re going to be focusing on, then it’s important to know what services you’re going to be offering within that niche. It’s best to start off with a few core services, such as blog posts and newsletters and then work into more services, but the main point of your services is that they should be seen as valuable and get results for your clients.
Choose your pricing:
Pricing is always a tough one for business owners, since there’s no rules. You don’t want to charge too high and risk pricing yourself out, but you also don’t want to price too low and not be taken seriously. So, when it comes to pricing, the best thing to do is work out what you need to survive each month and then add on a little extra for the hours that will be considered un-billable to your client, but that you’ll actually be doing work on.
Get a website:
A website definitely isn’t essential, but it’s going to help a lot if a client wants to check out what you do and if you can help them, so even if it’s just a one-page WordPress site where you can post some examples of your work and a bit about your services, then it’s going to make a big difference in the eyes of your clients.
An office, workshop, or studio environment is crucial to the happiness and productivity of those who work there. Dull, tired, and uninspiring interiors can lead to a lack of enthusiasm and motivation from staff members, and work will inevitably suffer in quality and quantity. Therefore, if the productivity within your team seems to be less than expected, it could be time to take a look at their office surroundings. It’s always a great time to freshen-up a workspace, and there are an array of ways to improve things, whatever your time and budget might be. Giving your business environment some care and attention will ensure that productivity gets a much-needed boost, and your staff can begin to thrive. The following are some ideas, advice, and inspiration, for those looking to improve their company’s space.
If your members of staff feel comfortable and content, it’s more likely that they’ll be able to concentrate on their work. Comfort comes in many forms; everything from temperature, light levels, to the softness of where they sit, should all factor-in to updating the environment. Improvements don’t have to be too challenging either; whether you look into portable air conditioner rental for better temperature control, or you simply let more natural light into the space, the difference will make a positive impact straight away. Think about updating any tired old office chairs, and giving everyone more desk space; these immediate changes around them could be an affordable way to let them know you care, and increase the momentum at work. Be sure to replace any headache-inflicting bulbs straight away, and take pride in each area of the space.
Homely Touches
Even though you don’t want your office space to be just like a home environment; it’s always worth investing in some interior decor and accessories to lift a room. Plants are excellent way to add a pop of fresh color, and will help to circulate the oxygen, so why not place some small ones on desks, and larger ones on the floor. Encourage employees to bring in photos and mementos that they love; you don’t want to over-clutter the environment, but, personal touches will add to the comfort and inspiration factor. Artwork, interesting books and magazines, and inspiring quotes are all great, inexpensive ways to enhance a room. You want the workplace to be a breath of fresh air every time your staff walk in, so they start their working day with a smile and feeling motivated.
Tidying-Up The Details
Sometimes, a work environment doesn’t need very much doing to it at all; it can just feel drab and tired. Therefore, it might be the case the paintwork and broken fixtures and fittings need to be addressed, to give the interior a quick boost, and get it looking like new. Take a notebook and pen as you walk around each area of your business environment, and ask your staff for their input on how they feel things could improve; you’ll start building more momentum and productivity the second you mention that improvements are on the way.
When running a construction company, ensuring that your plant machinery is in good working order is arguably the most important aspect of your business. If your machinery is struggling, then your business will struggle – the matter truly is that black and white.
In order to avoid business issues, you may find it beneficial to employ a constant focus on establishing and maintaining a few “good practice” rules in regards to the management of your machinery – and here are a few inclusions you may find particularly beneficial.
It would be fair to say that the construction industry cannot survive without good maintenance of all machinery. No matter how good a machine is when it rolls off the production line, the heavy duty work it will complete means that further refinements and improvements will need to be made to ensure each machine works exactly as it should.
So, what constitutes “good maintenance”? Skilled staff who can complete all maintenance works to the highest possible standard, of course. However, even the best workers cannot conduct maintenance effectively without a detailed maintenance schedule to adhere to. As a result, you will thus need to develop a comprehensive, detailed maintenance schedule that allows for the quick identification of any immediate issues, and thus allows for repairs to be arranged before the problem becomes critical.
In addition to the maintenance schedule itself, it is particularly worth noting the importance of keeping good records of all maintenance work that has been performed. Good record keeping helps you to keep track of not only the work that has been completed, but also make notes regarding work that may be necessary in future. Many problems noted during maintenance checks are not necessarily serious in the moment, but they will be after a few more months of use; good records ensure that these issues are then followed up on at the right time.
Build relationships that allow for quick repairs
A robust maintenance schedule should mean that your business can identify machines that are in need of repair, which is hugely important, but is just the starting point: you’ll then have to actually arrange the repair. Unfortunately, facing the possibility of repairs is hugely concerning for most construction business owners. Repairs mean that the machine in question is essentially unusable for a period of time, which can be potentially harmful to the business’ ability to operate as it normally would.
To avoid this issue, and get your machines back up and running as quickly as possible, seek to develop relationships with reliable, reputable companies who can conduct repair work or supply parts quickly and efficiently, every time. By developing long-term relationships with a service center for off highway drivetrain systems or a specialist in plant transmissions, you’re all the more likely to be able to secure the parts you need, and have the necessary repair completed, in the shortest possible time. As a result of building these relationships, no breakdown will feel like a disaster – as you’ll already know exactly who to call for assistance – and you can thus embark on the repair process immediately, confident of a quick, efficient turnaround.
Do all you can to protect your machinery when not in use
Perfect clear blue skies, moderate temperatures, and next to no wind are the perfect conditions for construction machinery; unfortunately, these perfect conditions tend to be relatively few and far between.
It is worth noting that all forms of weather outside of what would be considered ‘perfect’ conditions can be problematic, be that extreme heat, extreme cold, or – and particularly if operating cranes – high winds. As you cannot directly control these elements, you will instead primarily have to focus on information-gathering and adapting to specific circumstances.
To do so, it’s first helpful to check the monthly forecast during a project – up to one week ahead should be fairly reliable. If you note any problems on the horizon, plan for these as soon as possible, activating contingency scenarios that will allow you to keep working. However, the forecast alone cannot tell you everything you need to know; you’ll also need to check the weather every day and be willing to make adjustments – and perhaps even postpone work for the day – if you note any issues that were not originally forecast.
Protect vehicles when not in use
When not working, your machines need to be stored in a clean, dry, and dust-free environment in order to prevent deterioration and protect sensitive internal components. Furthermore, you will also need to ensure your storage facility has adequate safety measures in place – such as security cameras and, for high-value equipment, guards – in order to prevent theft.
While it is important to establish good storage on your premises, the nature of construction work often means that you will not always be able to use your own storage. If you are working on a site many miles from your location, then it can be next to impossible to return to your base every night. Doing so would be costly in terms of fuel, but it is also something of a logistical nightmare, and could lead to machine operators having to leave the site earlier than preferred in order to return the machine within their shift. As a result, you – like many other construction business owners – will have relatively little choice than to leave your machinery at the site overnight.
In such a scenario, all you can realistically do is seek to protect machinery as well as possible given the circumstances. Always try to ensure that they are stored at a locked, secure site, and use covers – where possible – to reduce potential damage from the elements. Admittedly, these measures are not ideal, but they will at least offer a measure of protection that you can benefit from in extremis.
Finally, an often-overlooked element of good machinery practice is the people who operate the machines – your workers. A good machine operator is worth their weight in gold, utilizing their expertise, knowledge, and skill to ensure that the machine works as it should and is protected throughout each project.
As a result, it is good practice to ensure that your recruitment strategy in regards to machine operators is incredibly robust. Qualifications on a resumé are all well and good, but what you need to know is how someone performs on the job, so offering trial periods to a number of potential candidates is definitely an option worth exploring. By offering a trial rather than a full contract upfront, you have the opportunity to assess the operator’s skills and ensure you are happy to leave them in charge of your valuable equipment.
In addition to being cautious in regard to who you hire on a personal basis, it is also worth thinking about how you retain staff members who have performed well. As you are undoubtedly aware, skills shortages abound in the construction industry, which means that most qualified, experienced workers can essentially have their pick of jobs. Due to this, you may want to consider offering employee perks and loyalty bonuses to encourage workers you have come to trust to remain with your company for the long-term.
In conclusion
When you run a construction business, the management of your machinery is critical to your ability to operate your business. By developing good machinery practice – inspired by the ideas as presented above – you can look forward to a bright future, free of machinery-related hassles, and thus all the more likely to enjoy success.
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