NO FREE LUNCHES!!!
If you’re in the market for a financial advisor, you might come across people with titles as confusing as “certified retirement plan consultant”,“chartered college planning specialist” or “retirement management analyst.”
After all, financial advisors depend on convincing clients of their reputation. As a result, there are over 50 different job titles to describe people who specialize in financial planning for senior citizens alone!
So, who should you trust for your financial advice?
Well, there’s some good news on this front: there’s just one job title to look out for. It’s fiduciary, and you should always choose a financial advisor who follows the fiduciary standard.
This is key since a fiduciary has a legal obligation to put your interests above her own.
That means you can trust her to give you objective financial advice, to steer you clear of overpriced investments and to keep your interests at the forefront.
Remember, while anyone can call herself a financial advisor if she isn’t a fiduciary, she’s just a salesperson trying to make a living off of financial products while posing as an unbiased advisor. These so-called advisors have zero legal obligation to put your interests above their bottom line.
Sound financial advice isn’t free. Make sure that your financial advisor is being paid by you and you alone.
This is important because lots of non-fiduciary financial advisors offer services for free, only to push you toward particular investments on which they collect a commission and/or kickbacks!
Shore Financial Planning is a fee-only financial planning firm located in Monmouth Beach, NJ.
Joseph Vecchio CPA, CFP®, MBA is the firm’s President and has dedicated his professional life to the finance and accounting professions.
Joe believes that people are being exploited by financial salespeople who are merely motivated by quotas, product sales and commission-based income! Shore Financial Planning was founded to provide peace of mind through conflict-free, value-added advice.