What's the difference between a "Financial Advisor" from a large Wall Street firm and a Financial Planner from an Independent, Fee-Only Registered Investment Advisor? A great deal!!! Please read on.
In the financial world today, there are basically two types of advice available to investors: that given by stockbrokers, and that given by Registered Investment Advisors (RIAs). Unfortunately, most investors do not know the difference between these two kinds of advice. In fact, most are not even aware a difference exists. Most advertising is designed to keep you in the dark and blur the differences.
The "Financial Advisor" from a large firm is also a "Registered Representative" of that firm and, as a result, he owes his loyalty to the firm, not the client. As a result, the Financial Advisor may be selling you the "product du jour." Often, the criteria for investment products these advisors offer to sell you is "suitability", which means that, while they might not be "bad for you," the products are " not necessarily good for you." We've all seen the newspaper headlines showing one major Wall Street firm after another accused of fleecing their own clients with investments that may or may not have been "suitable" for their clients but were definitely not the best investment for them or for you. And then laughing about it over drinks!
A Financial Planner from an Independent, Fee-Only Registered Investment Advisor is the exception in this business. We are solely compensated by the fees paid by our clients and do not receive commissions or compensation from any other source. Thus, we do not sell insurance, annuities or other investment products or accept perks such as golf outings or trips in return for selling you an investment. Since we are independent from all financial services companies and proprietary products, we are able to offer many more investment opportunities to you, none of which are commission driven.
We do it differently at Financial Strategies. Ongoing services, covering planning, execution, tax preparation and investment supervision are seamlessly provided for one annual fee.
We work for you and with you to craft plans to move you forward in life, not just watch your investment accounts. Your winning the game of life is our goal.