Fiduciary License in Colorado?

Question

Grant Shipman · Answer

Hi Bill- thanks so much. Your posts are always helpful and spot on in my opinion. I have an SEC attorney on my team that I am so great ful for and have my business set up accordingly.  Taking short cuts is not worth it especially if in the long game imo.

Grant Shipman · Answer

Hi @Matt M. I'm sorry I missed your message until now.  Oh wow- did I made an error above. It's $6.6k/year (not per month).  Wow that's embarrassing.  Thanks for catching that mistake.  Reminds me why I'm grateful for my team (lawyer, CPA, etc) for balancing out my weaknesses.

I am looking into becoming a financial adviser but so far have not found any programs I'm impressed with.  Do you suggest any?

Matt M. · Answer

I give you $25k and get back $6k+ a month tax-free? Can you elaborate? That seems impossible.

What about becoming a financial advisor?

Bill S. · Answer

@Grant Shipman I know of no "fiduciary license" in Colorado. DORA has a complete list of licenses offered in the state so you can search for someone who might be licensed. Check there to see if it exists. In Colorado, real estate agents have "fiduciary duties" which are outlined in the law. Other licensed professionals such as attorneys also have fiduciary duties.

Offering investments, ie "give me $25k and I'll make you $6.6K per month tax free for the rest of their life" requires having a securities license even if the investment is in real estate. It's all nice until the SEC comes calling or a deal goes bad and the investor's family calls the attorney general's office.

If you are doing what you are saying you are doing you really need to get a securities attorney to advise you. If you plan on doing what you are saying then get the securities attorney's advise before you advertise or take one penny.