Fiduciary responsibility is the BIG difference between advisors and commercial planners. We act in your best interest; because it's the proper, moral, and ethical way to do business. Isn't that the way you work?
So, when you choose someone to give you financial advice, remember: fiduciary responsibility is a legal requirement for Registered Investment Advisors, but not for other commercial planners. One of the many benefits our advisory status affords you is that we are not part of the "sales," commission-based culture.
Consider the time and energy some financial firms exert producing direct mail and promoting "free" dinner workshops to sell their "latest and greatest" portfolio model or annuity product. What good are financial products to you without the benefit of sound financial advice and strategies tailored to your goals and circumstances?
In fact, asking a commercial planner whether you need the products (s)he sells, is a lot like asking a jockey whether you should bet on the horse he's riding in today's big race. Commercial planners only have the standard of suitability to consider. For example, does a certain type of investment "suitably" meet your risk tolerance level and your needs?
Financial products alone cannot capture life's opportunities, address unexpected financial challenges, or seek ways to protect client assets in times of national economic stress. Lifelong client-advisor relationships are built on discernment, competence, and trust.
