Finding an Independent Financial Advisor
Finding an independent financial advisor is easy. Just google it. But does independence mean you are getting a better experience?
There has to be a different way!
Are you seeking unbiased advice? Are you frustrated that, try as you might, you just keep having the same experience over and over again? You attend a meeting with a so-called financial advisor who claims to be unbiased, only to find yourself in a pressure-cooker sales pitch?
The kind where the advisor swears they are unbiased, they “…don’t care if you buy their product or hire their service, they only want you to be happy. Don’t you want to be happy?”
Or they firmly state that they are independent “…immune from any sales pressure or quotas from a parent company.” Have you capitulated to the fear of missing out when they said, “good luck during the next market crash without me or my product there to save you”?
Expect Better than just Independent Financial Advisor Status
If you are like our clients, you are interested in working with someone who takes their fiduciary duties to heart. You want to know and get what you are paying for.
But perhaps you have already been through the gauntlet with other financial advisors. You have correctly sniffed out the sales pitch and now are on guard. Good. You should be on guard!
You need to scrutinize, dig into the fine print, and demand details. It is your money, your family’s financial security, and your decisions that can make a multi-generational impact.
Biases Still Exist with an Independent Financial Advisor
Claiming that independent financial advisors are poised to be unbiased is like claiming that the weather is always sunny on Sundays. Weather does not care what day of the week it is; it is sunny when the conditions are right. Weather is situational, and so is the level of bias that any independent financial advisor will have.
All financial advisors have biases, regardless of their so-called independence. Independence implies they do not have a corporate parent, but it does not suggest that the operators of an independent financial advisory firm do not desire to make money.
Further, financial product wholesalers frequently target independent financial advisors, who are just as exposed and susceptible to being influenced to peddle products as their big corporate counterparts.
Do Your Homework on an Independent Financial Advisors
The term independent financial advisor is a marketing ploy. It is used to say, HEY! We are different than big business. This can be beneficial to clients in lots of situations, but prospective clients still need to do their homework.
To help you understand more about independent financial advisors, in our next blog we will share our Top 5 Things to Know About Independent Financial Advisors.
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Would you like to speak to our team of fiduciaries? We offer a no-cost, no-obligation first discovery meeting to learn if planning is appropriate for you. We have video-conferencing technology and are not limited geographically.
Wherever you are, if you need help, we can help you! Connect with us by filling out our form at www.seedpg.com/contact.
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In our show, we share best practices in regards to financial planning, empower you in your journey towards financial freedom, and help you avoid financial exploitation along the way. It’s your money and your life!
Travis Maus, AIFA®, CEPA, is the managing partner of S.E.E.D. Planning Group, LLC and co-host of Ditch the Suits Podcast. In addition, he is also a member of the firm’s Financial Planning Team and Investment Committee. Travis holds the Accredited Investment Fiduciary Analyst® (AIFA®) designation, which signifies his credentials for performing fiduciary assessments that measure how well investment fiduciaries fulfill their duties a defined standard of care.
He also holds the Certified Exit Planning Advisor (CEPA) designation. As a CEPA designee, Travis has specialized training in business Master Planning, value growth strategies, and business succession planning.
S.E.E.D. Planning Group LLC (S.E.E.D.)is a Registered Investment Advisor (RIA) with the Securities Exchange Commission. S.E.E.D.’s team provides investment fiduciary and financial planning services to clients. Our fees are disclosed, easy to understand, and not predicated on product sales.