You ever go to a store when a sales person asks--"Can I help you find something?" To which you reply--"I'll know it when I see it." That is similar to what is often said when we meet with new prospective clients. "I knew there were people like you I just didn't know how to find you."
There is a HUGE debate right now in Washington regarding accountability and legal responsibility for companies who claim to be FINANCIAL-- ADVISORS, CONSULTANTS, PLANNERS, ETC. The companies who manufacture products--insurance, mutual funds, etc.-- like to call themselves anything but salesmen. The products are needed but the "advice" they give struggles to be objective.
The Investment Advisors Act of 1940--you know hopefully before a lot of this political pressure got going--basically says if you hold yourself out to be a financial advisor you are a fiduciary and must do what is BEST for the client not just what is suitable. Attached to this post is a You Tube video of a young advisor who spells it out pretty clearly on some of the differences. We are fiduciaries for our clients and would be happy to answer questions regarding this issue.
No comments:
Post a Comment