Separating ‘Fiduciary’ From ‘Compensation’

Read the Full Article in Advisor Perspectives

In this Advisor Perspectives feature, attorney and retirement planner Daniel Razvi challenges the widespread belief that an advisor’s compensation structure determines whether they can act as a fiduciary. Drawing from his dual experience in law and financial planning, Razvi explains that fiduciary duty centers on trust, integrity, and client-first advice, not how an advisor is paid.

He compares compensation models across industries, noting that just as attorneys can ethically earn commissions, flat fees, or hourly rates, financial professionals can serve their clients faithfully through various compensation approaches. Razvi argues that any payment method—commission, fee-only, or hourly—carries potential conflicts, and that focusing solely on compensation distracts from what matters most: the advisor’s character, transparency, and commitment to clients’ best interests.

He calls on the industry to move beyond regulatory debates and focus instead on educating clients to recognize trustworthy, qualified advisors.

About Higher Ground Financial Group

Higher Ground Financial Group is a family-owned business that exists to help clients nationwide achieve their financial goals. Like family, Daniel and Imran Razvi rely on each other’s strengths, and, in turn, rely on each other’s collective talents to support you. Whatever your financial concern or challenge - when your family calls, our family and experienced associates will answer!

Learn more about how Daniel Razvi and Imran Razvi proudly serve families nationwide.