We are excited to launch our blog dedicated to sharing knowledge, insights and of course fun to support you in your journey to living your most abundant life. To get started, we want to share some information about who we are and why we are different.
We are fiduciary financial planners/advisors who provide fee-only financial planning and advising services. What does this mean, and why is it important when seeking financial services?
We at Hui Malama Financial Advisors and Hui Malama Tax and Accounting take pride in providing transparent, individualized, and value-added services to our clients. With these goals in mind, we were intentional about being a fee-only provider and fiduciary. “Fiduciary” is someone whom you can trust completely to assist you in a specific situation. In order for an advisor to gain and maintain your trust, he/she would ideally perform in a manner that is in your best interests. In fact, fiduciary financial advisors are legally and ethically required to put your best interest before their own.
As a member of the American Institute of Certified Public Accountants (AICPA), Hui Malama Tax and Accounting vows to adhere to the fiduciary standards of care described in the AICPA’s professional code of conduct. This code lays out that AICPA’s members must be objective, truthful, free of conflicts of interest, and replete with integrity. Unfortunately, many financial advisors do not adhere to such fiduciary standards.
Abel at Hui Malama Financial Advisors made two deliberate decisions to ensure that you can trust us as your fiduciary. First, Abel acquired his Certified Financial Planner (CFP) and Personal Financial Specialist (PFS) designations. With these designations, Abel is making a clear statement that he adheres to the highest fiduciary standards that are in line with his personal values and dedication to transparent and independent service to all clients. Second, Abel decided to be compensated on a fee-only basis. Depending on their compensation plan, many financial advisors may not meet the standards to be a fiduciary. There are three main compensation schedules financial advisors utilize: commission-based, commission and fee, or fee-only. Because both commission-based and commission and fee models allow financial advisors to be compensated based on products (i.e., insurance) they sell to you, it becomes increasingly difficult to place your interests above their own. The National Association of Personal Financial Advisors states that the fee-only compensation model is the only transparent and objective model. As a fee-only provider, Hui Malama Financial Advisors will only be compensated by YOU for financial services we conduct for you.
We say we provide holistic care. What does this mean and how does that look in our practice?
When our partners came together to create Hui Malama Advisors, we knew that we wanted to provide services that would maximize our clients’ lives. With a focus on working with clients to live their most abundant lives, we also knew that finances would only be one part of this journey. We all lead complex and multi-faceted lives where we are called to be friends, family members, professionals, leaders, and community members. Each of these callings may require its own unique set of skills, and the demands of one may limit our abilities in other areas. Additionally, we may struggle to determine our identities in each of these roles. This brings us to our focus on holistic care. I’m sure you’ve heard the term before. In its simplest form, “holistic care” means a focus on attending to the whole person. To us at Hui Malama Advisors, it means understanding that to have an abundant life, we must care for all the various facets of our lives. This is why we not only provide the compliance (tax) and technical (financial planning and accounting) financial services, but we also attend to the life and psychological challenges that are limiting you from experiencing your most abundant life. Importantly, within each of our service lanes, we maintain this holistic view. For example, when examining your financial situation and creating a spending plan, our financial planner will consider all facets of your financial picture. This includes your current and future life stages, your family planning goals, and your cultural and religious values. Moreover, our life coaches can work with you through a wide range of difficulties, including cultural stress/trauma, effective communication, your personal search for identity and belonging, career issues, relationship challenges, and limiting financial mindsets and/or behaviors. We at Hui vow to pay close attention to your unique life situation, values, and goals to provide you with an umbrella of holistic services that generate both personal and financial abundance.